Africa’s richest man is building the continent’s biggest fertilizer factory

Africa’s richest man, Aliko Dangote, built the continent’s largest fertilizer factory. The factory, based in Nigeria, Africa’s largest economy, was inaugurated at a cost of $2.5 billion.

Located in Lagos State, the plant is designed to produce 3 million tons of urea per year. The fertilizer plant will be open to Africa and other markets. The factory’s immediate goal is to export to Brazil, which is heavily dependent on Russia for its fertilizer imports. The war in Ukraine has cut off supplies from Russia, threatening global food shortages and rising prices.

Speaking at the inauguration of the factory, the Nigerian billionaire said shipments will also be made to the United States, India and Mexico.

“This is an ambitious project that will reduce unemployment in Nigeria. The factory will boost productivity and improve production across the nation, as the factories’ products have reached the African market, and across Brazil, India and Mexico,” said Aliko Dangote.

Nigeria consumes about 20 kg of fertilizer per hectare of arable land and the plant is expected to reduce the high cost of importing fertilizer which contributes to the high cost of food production.

READ ALSO: Aliko Dangote: the billionaire now richer than more than 30 African countries

The plant is also expected to boost Nigeria’s agricultural production, as the sector accounts for 20% of the country’s gross domestic product, with the contribution of crop production being the highest in the agricultural sub-sector.

“The low use of fertilizers is at the root of the low yield of agricultural products. Our goal is to make fertilizers available in quantity for our farmers. We are launching initiatives that will transform the agricultural sector for all,” Mr. Dangote stressed.

Aliko Dangote, who is also the richest black man in the world, saw his fortune increase by $1.3 billion in January, bringing his fortune to $20.4 billion.

Photo credit: facetofaceafrica

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