It is to no surprise that the spot of the richest man in Africa has been occupied by a single person for 10 years straight in Kano indigene, Aliko Dangote. The 64-year old business icon who has gone on to be one of the richest in the world, would also see his company own the biggest refinery production in Africa with 650,000 barrel of crude oil production per day which commencement of operation is still in the works.
Just recently the business mogul launched a $2.5-billion fertilizer plant that produces three times more than local consumption. And it wouldn’t be preposterous to have the company expand its newly found strategy internationally.
As quoted by Freelanews at a virtual economic forum hosted by Qatar, the billionaire reveals his plan to extend products to the two countries.
In his words, “Apart from meeting the domestic demand, we are going to be able to earn quite a lot of money exporting the goods to the South American countries.” Dangote also stated that the business intends to send its first consignment to Louisiana in late June or early July, with the majority of the shipments likely going to Brazil.
The yearly fertilizer demand in Nigeria is projected to be less than one million tonnes. Meanwhile, the plant’s annual capacity is 3 million tonnes. This puts the facility in a good position to supply its main market while also exporting to all major Sub-Saharan African countries.
The plant located in the Lekki Free Trade Zone Area D is one of the world’s largest.
In March 20, Dangote made it known that production would start at the fertilizer plant in April as he showed the plant to Lagos State Governor Babajide Sanwo-Olu.
In addition to being one of the most influential man in the world, Establishment of the fertilizer plant has the ability to influence the market throughout the world as well as becoming the leading fertilizer sector in Nigeria, could go on to influence market prices.
Freelanews is the editorial byline of Freelanews.com, used for staff reports, news updates, press releases, and collaborative stories produced by the Freelanews Editorial Team.
