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.
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.
Governor Godwin 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 if Nigerian banks.
The CBN Governor 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.”
This for me is a story no one would have believed in Nigeria. We also saw the petrochemical and refinery plant. Dangote has also committed that mechanical commissioning would end by the end of this year and we are expecting that the refinery and petrochemical would kick-off by the end of first quarter of next year. We are pushing the company to see that they start the production of petroleum products before the first quarter because we badly need it that this plant should start.
“The bankers are here because it is important for them to be convinced about what their monies have been spent on. I am extremely delighted that we were able to have a feel of urea and I am saying that the Nigerian agricultural sector will continue to blossom. Four years ago, people in different parts of the world would never believe a project like this can be completed in Nigeria. Thus, it is a great fulfilment for me at this time in my career as CBN Governor,” Godwin Emefiele added.
In his address, President of Dangote Group, Aliko Dangote, thanked Mr President Muhammadu Buhari for all the support which he gave on the project.
“I must first thank Mr. President for giving us all the support which made this project possible. I must thank the Governor of the CBN, my brother and my friend, Mr. Godwin Emefiele and all the bankers that are here, GTB, Access Bank, UBA, Zenith Bank and First Bank.