Nigeria has opened a 3-million-tonne fertilizer plant at a cost of $2.5 billion, seeking to become a net exporter of fertilizer. The plant is the largest in Africa and second largest in the world.
The facility near Lagos is designed to produce 3 million tonnes of urea per year and supply all the major markets in sub-Saharan Africa. The exports will also go to already shipping to Brazil, which relies heavily on Russia for imports of fertilizer.
Shipments will also go to the United States, India and Mexico, he said at the launch.
The urea plant supports Nigeria’s efforts to diversify its economy and reduce its vulnerability to the price and output of oil that accounts for the bulk of the nation’s exports.
The Central Bank of Nigeria has barred the use of its foreign exchange for fertilizer imports as part of control measures aimed at boosting domestic production.
Agriculture accounts for 20% of Nigeria’s gross domestic product, with crop production contribution the highest within the farming subsector.
See Also:
