Dangote announces plan to become world’s largest fertiliser producer by 2028

Aliko Dangote, chairman of the Dangote Group, says his company will become the world’s number one fertiliser producer by 2028.

Speaking on Thursday at the Imo economic summit, the billionaire said the group is investing heavily in fertiliser and plans to grow output from 3 million tonnes of urea to 12 million tonnes in the next three years.

“We are investors and I can tell you in the next three years, the programme that we have in the group, we’re investing heavily in fertiliser,” he said.

The group chairman praised recent policy decisions by the federal government, saying the reforms are beginning to show results.

“There are very good policies, bold policies that the government has taken today — the exchange rate, the removal of the fuel subsidy, so many other things that the government has actually put out there,” he said.

“But you know, Nigeria is like a scratch card. You only see the good of it when you scratch the card. So some of us that have already scratched the card, we are seeing the results.”

He commended President Bola Tinubu for what he described as “strong leadership”, saying more reforms are expected in the months ahead.

Dangote also asked Hope Uzodinma, governor of Imo, to identify the most suitable sector for the company to invest in the state.

DANGOTE ASKS AFRICAN INVESTORS TO INVEST AT HOME

Further speaking at the event, Dangote asked Nigerian and African investors to take the lead in driving economic growth, saying foreign investment is encouraged only when domestic players show commitment.

“Our job is to keep investing at home. If we don’t invest at home, there is nobody on earth that will come and invest here,” he said.

“What attracts foreign investors is a domestic investor. And that’s what we are doing.”

He referenced a recent interview with the CNN where he was asked why he decided to double the capacity of his refinery.

“They asked me — you have actually been investing, why did you announce to double up your refinery to make it the largest refinery in the world?” he said.

“I said, well, I don’t have anywhere to go and invest but at home. When I say at home, I mean Nigeria and Africa.”

Dangote said Africa holds about 30 percent of global mineral resources, but risks losing opportunities if local investors do not take the lead.

“There are a lot of people that are fighting, trying to get these minerals. If now we don’t really lead the way in putting up this investment, who do we expect to come and invest?” he said.

“We can never ever really convince anybody to come and invest in our continent. We must be the ones that will lead.”

The chairman added that the Dangote Group is committed to taking that leadership role to attract more investments into Africa.