President Muhammadu Buhari says the $2.5 billion Dangote Fertiliser Plant in Ibeju Lekki, Lagos, will boost Nigeria’s foreign exchange earnings and accelerate economic growth.

Mr Buhari said this Tuesday while inaugurating the three million metric tonnes per annum urea production plant.

“It will reduce our dependence on importation of fertiliser, create jobs, increase the inflow of foreign exchange and accelerate economic growth.”

Mr Buhari revealed that the plant was already exporting to other countries. “I am informed that you have already started exporting to other countries including the United States, India and Brazil.”

The president added: “I want to assure all Nigerians that our government is focused on providing the enabling environment for the private sector to thrive.

“We will continue to improve on infrastructure, power and security and other initiatives that will drive investments in our economy.

“Furthermore, we are partnering with the private sector through a tax credit scheme for the rehabilitation of roads across Nigeria under the Executive Order Seven.

“We know good roads contribute to easy movement of goods and services across the nation thus reducing the cost of doing business and improving productivity.

“We are also rehabilitating our railway lines and building new ones to lessen the burden on our roads and create an effective modern transportation network.”

Commenting, central bank governor, Godwin Emefiele, said the import bill on fertiliser had not only dropped significantly but the country was now earning forex through exportation of fertiliser.

Earlier, President of the Dangote Industries Ltd., Aliko Dangote, said the fertiliser plant would reduce unemployment rate.

“The sector has the potential of becoming the biggest source of income for our nation, providing employment and raw materials for industries.

“Our goal is to make fertiliser available in sufficient quantities and quality for our teeming farmers, assuring greater agricultural output,” Mr Dangote said.

(NAN)