The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has disclosed that the country produced over 35 million bags of blended fertilizer in the last seven (7) years.
Mr. Emefiele spoke at the Presidential Commissioning of 3 million tons per annum Dangote fertilizer plant, Tuesday, March 22, 2022 in Lagos.
He noted that through the support of President Muhammadu Buhari, the nation’s blending capacity has increased from 7 plants in 2015 to over 48 active fertilizer blending plants presently.
He said, “Prior to Mr. President assuming office in 2015, Nigeria had a shortfall of about 3.5 million tons per annum compared to the over 6 million tons per annum required in the country. With sustained efforts, other indigenous companies like Indorama and Notore with a combined capacity of over 2.5 million tons per annum have tried to match the market demand, yet the country still faced a huge shortfall of fertilizer supply.
“In response to this situation, Mr. President inaugurated the Presidential Fertilizer Initiative and charged them with resolving this problem. I am delighted to note that their work and the continued support of Mr. President has resulted in a significant increase in our nation’s blending capacity from 7 plants in 2015 to over 48 active fertilizer blending plants today”, he said.
The apex governor said, the nation’s fertilizer blending capacity has not only resulted in the significant decline of import bill on fertilizer, but has also increased investment in the fertilizer industry.
He said, today, Nigeria is self-sufficient in the production of urea, and also leading producer of urea in the African continent, adding that improving access to fertilizer would contribute to significant improvements in the productivity of local farmers.
“But probably more importantly, it will enhance our nation’s drive to improve food security and ensure we consume what we produce in Nigeria”, he added.
According to him, the Dangote fertilizer plant with an installed capacity of over 3 million metric tons per annum was a significant feat in the diversification agenda of Mr. President, adding that it would help to increase the value chain in the petrol-chemical and allied sector, create jobs forthe youths and boost the nation’s agricultural productivity.
While thanking Alhaji Aliko Dangote as well as the Board and Management of the Dangote Group for the great project, Emefiele assures that CBN would continue to provide not just the conducive environment required to thrive, but give willing investors in the fertilizer industry, the necessary support to make similar investments.
