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Dangote to harvest N2.1tr on fertiliser export

Dangote Fertiliser is expected to harvest about N2.1 trillion (about $5 billion) yearly in export revenue according to Forbes Africa. The $2.5bn urea and ammonia…

Dangote Fertiliser is expected to harvest about N2.1 trillion (about $5 billion) yearly in export revenue according to Forbes Africa.

The $2.5bn urea and ammonia fertilizer plant has capacity for three million metric tons of fertiliser annually in addition to another 3.5 million tons from other competitors like Indorama and Notore.

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The combined capacity of these plants is more than the domestic market could consume, thereby spreading their market net wide at the international market.

Aliko Dangote, the president and CEO of Dangote Group, in an interview with Forbes Africa, said the fertiliser could earn Nigeria “about $5bn in export revenue.”

“We are getting a huge demand from all over the world with massive orders from the European Union,” Dangote said in the interview.

At the home front, the price of fertiliser is pushing many smallholder farmers on edge as it rose from N13,000 last year to about N30,000 last month.

Experts said the Russian-Ukraine war disrupted global raw material supply chains causing a spike in prices.