Commodities News & Agribusiness
Buhari bets on Dangote’s $2.5bn fertiliser plant to boost food production, export
Published
4 years agoon
The President, Major General Muhammad Buhari, (Rtd) on Tuesday, inaugurated the $2.5 billion Dangote Fertilizer plant in Lagos.
The plant has capacity to produce three million metric tonnes of fertilizer yearly.
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The President, who expressed happiness over the multi-billion dollar plant, also said the plant would reduce the nation’s dependence on the import of fertiliser.
He said nation stands to enjoy a boom in foreign exchange through the exportation of the product.
The president also explained that the plant would help further the administration’s drive towards achieving self-sufficiency in food production.
He said, “I am delighted to commission this Dangote Fertiliser plant which has the capacity of producing three million metric tons of Urea per annum which makes it the second of such plants in the world”
“This is expected to further our administration drive towards achieving self-sufficiency in food production, in the country. I commend the chairman, board and management of Dangote Industries Limited for their business initiative in bringing this plant which will help in reducing the importation of fertilizer, create jobs and increase the inflow of foreign exchange and accelerate economic growth”
“This new plant is a renewed testament to the widely economic patriotism of Aliko Dangote, it also demonstrates their commitment to the social-economic development of our country and the well being of our people”
According to him, Dangote cement has ended the nation’s dependence on the importation of cement.
Buhari added, “Dangote holds the record as the continent highest cement producer. The group’s investment in cement plants spanning the value chain has ended Nigeria’s dependence on the importation of cement. Along with other subsidiary companies, Dangote Industries limited has created thousands of jobs across Nigeria”
“It is the second biggest employer of labour in this country after the Federal Government. This is very pleasing because job creation by private operators reduces insecurity and take the youths off the streets. The nation also stands to gain extensively in earning foreign exchange from the excess production and export from the plant”
“I have been informed that it has already started exporting to other foreign countries including the United States, India and Brazil. The plant is creating huge opportunities in the area of job creation, warehousing, transport and logistics. This will create significant wealth, reduce poverty, and help in securing the future of our nation. In the agricultural sector, another focal point of our economic policy will expect a boom in fertilizer which is already available in greater quantity”
“Many Nigerians who depend on subsistence farming due to the unavailability of this product can now take agriculture as their business. We expect the arrival of a new breed of agro-products who will add value to farming and make the nation self-sufficient in food production”
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![CPPE Pleads with CBN, Buhari to Review Process of Returning Old Notes The Centre for the Promotion of Private Enterprise [CPPE] has pled with the Central Bank of Nigerian (CBN) and President Muhammadu Buhari to review the process through which Nigerians can return the old naira note they have at hand without losing their hard-earned money. In a statement signed Sunday by its chief executive officer, Muda Yusuf, CPPE beseeched the government to give a human face to the, lamenting that the agony and trauma inflicted by the entire management of the policy is unspeakable. Accordingly, CPPE urged the apex bank to allow the old 1,000 and 500 naira notes to be deposited at the commercial banks to ease the current pains and ordeal of returning the old notes. It further added: “The process should also be simplified to accommodate millions of rural dwellers, the informal sector players, the over 30 million unbanked Nigerians and several millions that are not literate. “The current guidelines which require filling of forms on the CBN portals, generating codes etc. does not reckon with millions of Nigerians that seek to return their old notes who are not literate, who don’t have access to internets and who are in very remote locations in various parts of the country. “They are Nigerians and are entitled to a fair consideration in the implementation process.” The Centre said most of the vulnerable victims of poor execution of the policy are women, microenterprises and small businesses which are contributing immensely to employment, poverty reduction and social stability at the bottom of the economic pyramid of the country. “It is bad enough that their lives and livelihoods have been terribly disrupted and disoriented. “We plead with the CBN to review its processes in the interest of fairness, justice and social inclusion,” the Centre said. Current approach Practically Impossible Meanwhile, the Centre said the current approach being employed by the apex to handle the process is evidently impractical. “It is impractical for the CBN offices to properly handle the process of receiving old currency notes which are still in abundance in the hands of millions of Nigerians. “It noted that there is only one branch of the CBN office in each state of the federation and the FCT. “It is practically impossible for the CBN to manage this process without subjecting our citizens to another round of harrowing experience.” It said the experience and images and disorderliness of the past few days at the CBN offices graphically illustrates this position. Conflicting Directives Businessmetrics reported that the CBN last week issued two conflicting directives within few hours which further heightened tension. While the CBN was believed to have directed Deposit Money Banks (DMBs) in the country to start taking deposit of old 1,000 and 500 naira notes of not more N500,000 from their customers, the apex bank deny same directive hours later which led to more confusion for Nigerians. Nigeria is currently undergoing the process of withdrawing the old version of N1,000 and N500 notes from the system, to be replaced with the redesigned version of the currency notes as well N200 which, President Muhammadu Buhari, however, said would still remain a legal tender in the meantime. In the face of scarce new notes coupled with old notes still held by Nigerians outside the banking system, the February 10 deadline given by the CBN to swap the noted has led to economic disruption and hardship for most Nigerians as they remain cashless.](https://i0.wp.com/businessmetricsng.com/wp-content/uploads/2023/02/WhatsApp-Image-2023-02-20-at-12.13.47-AM.jpeg?resize=400%2C240&ssl=1)
![CPPE Pleads with CBN, Buhari to Review Process of Returning Old Notes The Centre for the Promotion of Private Enterprise [CPPE] has pled with the Central Bank of Nigerian (CBN) and President Muhammadu Buhari to review the process through which Nigerians can return the old naira note they have at hand without losing their hard-earned money. In a statement signed Sunday by its chief executive officer, Muda Yusuf, CPPE beseeched the government to give a human face to the, lamenting that the agony and trauma inflicted by the entire management of the policy is unspeakable. Accordingly, CPPE urged the apex bank to allow the old 1,000 and 500 naira notes to be deposited at the commercial banks to ease the current pains and ordeal of returning the old notes. It further added: “The process should also be simplified to accommodate millions of rural dwellers, the informal sector players, the over 30 million unbanked Nigerians and several millions that are not literate. “The current guidelines which require filling of forms on the CBN portals, generating codes etc. does not reckon with millions of Nigerians that seek to return their old notes who are not literate, who don’t have access to internets and who are in very remote locations in various parts of the country. “They are Nigerians and are entitled to a fair consideration in the implementation process.” The Centre said most of the vulnerable victims of poor execution of the policy are women, microenterprises and small businesses which are contributing immensely to employment, poverty reduction and social stability at the bottom of the economic pyramid of the country. “It is bad enough that their lives and livelihoods have been terribly disrupted and disoriented. “We plead with the CBN to review its processes in the interest of fairness, justice and social inclusion,” the Centre said. Current approach Practically Impossible Meanwhile, the Centre said the current approach being employed by the apex to handle the process is evidently impractical. “It is impractical for the CBN offices to properly handle the process of receiving old currency notes which are still in abundance in the hands of millions of Nigerians. “It noted that there is only one branch of the CBN office in each state of the federation and the FCT. “It is practically impossible for the CBN to manage this process without subjecting our citizens to another round of harrowing experience.” It said the experience and images and disorderliness of the past few days at the CBN offices graphically illustrates this position. Conflicting Directives Businessmetrics reported that the CBN last week issued two conflicting directives within few hours which further heightened tension. While the CBN was believed to have directed Deposit Money Banks (DMBs) in the country to start taking deposit of old 1,000 and 500 naira notes of not more N500,000 from their customers, the apex bank deny same directive hours later which led to more confusion for Nigerians. Nigeria is currently undergoing the process of withdrawing the old version of N1,000 and N500 notes from the system, to be replaced with the redesigned version of the currency notes as well N200 which, President Muhammadu Buhari, however, said would still remain a legal tender in the meantime. In the face of scarce new notes coupled with old notes still held by Nigerians outside the banking system, the February 10 deadline given by the CBN to swap the noted has led to economic disruption and hardship for most Nigerians as they remain cashless.](https://i0.wp.com/businessmetricsng.com/wp-content/uploads/2023/02/WhatsApp-Image-2023-02-20-at-12.13.47-AM.jpeg?resize=80%2C80&ssl=1)
