Home Business Nigeria’s foreign exchange earnings to gain extensively with newly commissioned Dangote Fertilizer

Nigeria’s foreign exchange earnings to gain extensively with newly commissioned Dangote Fertilizer

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President Muhammadu Buhari has said that the newly inaugurated $2.5 billion Dangote Fertilizer plant at Ibeju-Lekki, Lagos will boost Nigeria’s foreign exchange earnings as well as accelerate economic growth.

The president equally noted that the fertilizer plant is expected to help the country achieve self-sufficiency in food production and reduce the dependence on the importation of fertilizer as well as create jobs.

This was made known by President Buhari, while speaking at the commissioning of the 3 million metric tonnes per annum Dangote Fertilizer plant, on Tuesday in Lagos.

What President Muhammadu Buhari is saying
The president who said the nation also stood to gain extensively in forex earnings through excess production and exports from the plant, hailed the Chief Executive Officer of Dangote Group, Aliko Dangote as the biggest employer of labour after the federal government.

Buhari in his statement said, “This fertiliser plant is further expected to enhance our administration’s drive towards achieving self-sufficiency in food production in the country.
“I commend the Chairman, Board and Management of Dangote Industries Ltd., for their business initiative in establishing this plant.
“It will reduce our dependence on importation of fertiliser, create jobs, increase the inflow of foreign exchange and accelerate economic growth.”
Buhari said that the establishment of the plant demonstrates the commitment of Dangote Industries Ltd. to the socio-economic development of the country and the well-being of Nigerians and is confident that the group would replicate its earlier experience in the cement sector where it had become a leading name in Nigeria and across the African continent.

He said, “Dangote Industries Ltd. has created thousands of jobs across Nigeria. It is the second biggest employer of labour in this country after the Federal Government.
“This is very pleasing because job creation by the private sector will help to improve security and take thousands of youths off the streets.”
“I am informed that you have already started exporting to other countries including the United States, India and Brazil.
“The coming on stream of the plant is creating huge opportunities in the area of job creation, trade, transport and logistics to earn significant wealth, reduce poverty and helping to secure the future of our nation.’’
Going further, the president said, “I want to assure all Nigerians that our government is focused on providing the enabling environment for the private sector to thrive.

“We will continue to improve on infrastructure, power and security and other initiatives that will drive investments in our economy.
“Furthermore, we are partnering with the private sector through a tax credit scheme for the rehabilitation of roads across Nigeria under Executive Order Seven.
“We know good roads contribute to easy movement of goods and services across the nation thus reducing the cost of doing business and improving productivity.
“We are also rehabilitating our railway lines and building new ones to lessen the burden on our roads and create an effective modern transportation network.”

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