Dangote Refinery To Save Nigeria $23bn Forex Annually -CBN

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On completion by the end of the first quarter of 2022, the Dangote Refinery will save Nigeria a total of $23 billion of foreign exchange annually while Dangote Fertilizer which has been completed about six months ago will officially hit the market with the product by Monday June 7, 2021.

Governor, Central Bank of Nigeria (CBN), Godwin Eme­fiele, disclosed this while brief­ing the press after he led man­aging directors of five banks in the country on a tour of Dan­gote Jetty, Dangote Fertilizer Plant and Dangote Refinery in Lagos on Friday.

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President of Dangote Group, Aliko Dangote, conducted the team which includes Kennedy Uzoka of UBA, Herbert Wigwe of Access Bank, Adesola Ade­duntan of First Bank, Segun Agbaje of Guaranty Trust Bank and Ebenezer Onyeagwu of Zenith Bank.

Emefiele said the successful completion of the Fertilizer Plant and the plan to complete the Refinery by the end of the year or the first quarter of 2022 is an attestation of the dogged­ness of the promoter and the support of Nigerian banks.

He said, “This is a journey that started about four years ago. This journey, not too many people believed would come to light today. The purpose of this visit is for the bankers to conduct what is called final in­spection of the fertiliser plant.

“The fertiliser plant has now been completed and produc­tion has started and Dangote is ready to now flood the Nige­rian market with fertilizer. In this case, urea, and the excess would go for export. The fer­tilizer plant, whose product is now ready for sale, is a three million tonnes urea plant.

“By the time we add the existing capacity from Indora­ma, which 1.5 million metric tonnes, Notore of maybe about 300 metric tonnes, Nigeria will now have close to five million metric tonnes of urea. Nigeria needs barely one million and even if we want to exaggerate, 1.5 million metric tonnes of urea. So, we have potential to export at least three million metric tonnes of urea to differ­ent parts of the world.”

He stressed that Nigeria now ranks among the leading countries in the production of urea.