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Market Digest Nigeria

Business

Dangote set Q1 date for fertilizer plant take-off

After failing to meet the December 2020 target, the Dangote Group has set the first quarter 2021 date for the take-off of its fertilizer plant.

dangote

The Urea fertilizer plant will now take-off between February and March this year. The project, which is operated by Dangote Industries Limited, completed its test run in November last year.

The Head of Corporate Communications, Dangote Group, Anthony Chiejina, had said the COVID-19 pandemic forced the company to push the project take-off to December last year.

The project is expected to save Nigeria’s economy the $500 million spent annually on the importation of fertilizers.

Nigeria consumes 0.7 metric tonnes of Urea fertilizers per annum but Dangote’s fertilizer plant will produce three metric tonnes.

The excess will be exported to other African countries to generate at least $400 million for the nation’s economy.

The plant which is dubbed the largest Urea fertilizer plant in the world is located at the Lekki Free Zone (LFZ) in Lagos.

The project’s first phase cost Dangote $2.5 billion.

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