The Governor, Central Bank of Nigeria, Godwin Emefiele, has said that the commissioning of the Dangote Fertilizer Plant is timely, as the prices of crude oil and fertilisers have been on the increase since the Russia-Ukraine crisis.
The CBN boss disclosed this at the commissioning of the plant by President Muhammadu Buhari on Tuesday. The fertilizer plant located at Ibeju Lekki was built at a cost of $2.5 billion and is capable of producing 3 metric tonnes of urea annually.
According to him, the completion of the project is President Buhari’s vision.
He said, “I am delighted that Dangote has helped Nigeria to solve a perennial fertiliser problem, as the development would aid self-sufficiency in local consumption of the product. President Buhari had told us at CBN that he wanted to see urgent support for our farmers and we set out to achieve this. The completion of the plant is the realisation of the President’s vision. The commissioning is timely, as prices of crude oil and fertilisers have been on the increase due to the on-going war between Ukraine and Russia.”