Nigeria will gain excess forex from Dangote fertilizer plant – Buhari

President Muhammadu Buhari on Tuesday, hailed Africa’s richest man and Nigeria’s pride, Aliko Dangote, describing him as the biggest employer of labour after the Federal Government.

Buhari stated this during his speech when he inaugurated the multi-billion dollar Dangote Fertiliser Plant, located at the Ibeju Lekki area of Lagos State.

He also said the government would gain excessively in foreign earnings from the new plant.

The world-class fertilizer plant was built at a cost of $2.5 billion, with the capacity to produce three million metric tonnes (mt) of urea per annum.

Buhari said the new fertiliser plant would reduce Nigeria’s importation of urea, adding that he hopes to inaugurate the Dangote Refinery later this year.

The President said, “Along with the several other subsidiaries, Dangote Industries Limited has created millions 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 private sector operators is vita security as it takes thousands of youths off the street. The nation also stands to gain excessively in earnings of foreign exchange with excess production and export from the plant. I’m informed that you have started exporting to other countries including the United States, India and Brazil.”

Buhari also said, “I look forward to inaugurating the refinery and petrochemical plant later in the year.