TheCable

President Muhammadu Buhari says the country stands to gain “excessively” in foreign exchange (FX) earnings from the Dangote Fertiliser Plant.

The president said this while commissioning the three million metric tonnes plant at Ibeju-Lekki, Lagos on Tuesday.

The project is said to cost about $2.5 billion.

“Along with the several other subsidiaries, Dangote Industries Limited has created millions of jobs across Nigeria,” Buhari said.

“It is the second biggest employer of labour in this country after the federal government.

“This is very pleasing because job creation by private sector operators is vital as it takes thousands of youths off the street.

“The nation also stands to gain excessively in earnings of foreign exchange with excess production and export from the plant.”

The president said the fertiliser company was already exporting its product to other countries, including the United States, India and Brazil.

He expressed optimism that Dangote Industries Limited would replicate the success recorded in the cement industry in the fertiliser segment.

According to him, the company put an end to the importation of cement in Nigeria, emerging as the continent’s largest cement producer and presently operating in over 10 countries in Africa.

“The group’s investment in cement production has ended Nigeria’s dependence on importation of cement. I believe the feat will be repeated in the fertiliser segment,” he added.