President Muhammad Buhari on Tuesday, inaugurated the $2.5bn Dangote Fertilizer plant in Lagos.

The plant has capacity to produce three million metric tonnes of fertilizer yearly.

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”