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Dangote’s $2.5bn Urea Fertilizer Plant Produces 120 Truckloads Daily

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After months of speculations, Dangote Urea fertilizer is now finally on sales nationwide and it currently pushes out a minimum of 120 trucks per day across the country

Group Executive Director (Strategy, Capital Projects & Portfolio Development), Dangote Industries Limited, Devakumar Edwin, revealed to the press over the weekend that the Plant which has the capacity to turn out more than 4,500 tonnes of urea per day will conveniently meet the local demand and even produce for exports.

According to him: “…We have the capacity to turn out 4,500 tonnes of Urea everyday – this is a bulk application fertilizer – each crop in Nigeria or globally will require Nitrogen and this is a rich fertilizer, having 46 per cent nitrogen…The company has the capacity to meet local demand and also export to African countries.

“Currently the demand is less than 1 million tonnes and we alone can produce 3 million tonnes, so we can easily meet local demand and also produce for export to other west African countries.”

Aside fertilizer production, the company, according to Edwin is already working to support the farmers with training on application of the fertilizer and even establish laboratories across the country for proper soil examination.

“The uniqueness of this plant, apart from the fact that we are producing is the focus on farmers’ support, on training, education, development as we are now establishing laboratories across the country and even mobile laboratories where we can go drive around and take soil samples for proper examination to effectively grow the agricultural outputs across the country”

The Urea Fertilizer plant was built to tap into Nigeria’s demand for fertilizer, a critical component of achieving food sufficiency for Africa’s most populous country.

The Fertilizer plant is expected to manufacture 3 million metric tonnes of urea per annum, with a view to reducing the nation’s fertilizer imports, and generating $400m annual foreign exchange from export to Africa countries.

Meanwhile marketers and farmers in Kano have described the newly introduced Dangote Fertilizer as a game changer and a forecast for the expected agricultural revolution in the country.

Marketers and farmers who were apparently excited, over the weekend welcomed the more-than ten trucks that entered Kano markets at the weekend.
Speaking at the event organized by Dan Hydro Company in Kano to mark the introduction of the fertilizer into the northern market, chairman of the Kano state Agro Dealers Association Alhaji Shuaibu Akarami said agro dealers have confidence in Dangote fertilizer as they have in all his products, adding that as a dealer who spent decades in the business he has discovered that Dangote fertilizer will have no problem penetrating the market in the North.

“I have checked the product and have found out that it will have no problem penetrating the market. With my experience in agro products, I can authoritatively say the product has met our expectations and that has confirmed the confidence we have in Dangote fertilizer and other sister products of the Dangote Group,” he said.

The Dan-Hydro fertilizer Company in Kano which took delivery of the first batch of trucks in Kano said the timing and strategy for the introduction are rife.
Head of operations, Dan- Hydro operations Mr. Hamadi Sekou Drammeh said the Dangote fertilizer conforms to all set standard required by the regulatory agencies.

He said the phenomenon of perennial shortage of the fertilizer product will be over in the country.

He said as part of its public enlightenment plan, the company was going to work with all stakeholders in the agricultural sectors.

In the same vein, Sales Manager of Dan Hydro Mr. Sulaiman Tanko assured that the product will be sold at a reasonable price that will enable fair competition in the market.

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Business

Glo Launches New Internet Solution Products for Homes, Businesses

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Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.

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Naira Appreciates Further, Sells at N1,280/$ at Parallel Market

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The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20. 

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable. 

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective. 

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

TheCable

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NNPC Denies Reducing Petrol Pump Price

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The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.

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