Dangote fertilizer plant to begin operations in April
Jan. 22, 2019
The project is being funded by about 60 per cent of Dangote’s equity and 40 per cent by both local and foreign banks and CBN chipped in N75 billion for the refinery and N50 billion for the fertilizer plants.
“This is a $9 billion project that is been funded not only by Nigerian banks but also foreign banks, the CBN itself is contributing almost close to about N75 billion in supporting the refinery project and N50 billion for the fertilizer project which is just a drop on the entire fund that the project is costing but we will continue to show support to individuals and companies that display the determination to help and support government and the CBN in restructuring the base of this country,” he said.
He urged other Nigerians to support government’s drive in developing the nation’s economy.
“I believe this project will transform Nigeria’s economy and we hope and pray that we will have other Nigerians join in the development of our own economy. It is not about word of mouth, it is by action. They need to risk their capital and do what they believe that will help and I think in a lot of areas, with the support of the government, we will try and transform them like we did in cement.
“But for what we did in cement, today Nigeria won’t be able to even import cement. It is not even about importation, it is about the logistics and we don’t have the capacity to import into the country”, he stated.
Currently more than 26,000 people are working at the construction level while on completion, about 80,000 people would be fully engaged while almost 50,000 others will be living in the complex, Dangote, stated.
More from AgroNews
Subscribe to daily email alerts of AgroNews.