LAGOS, May 28 (AGCNewsNet) – Nigeria is set to earn up to $7 million daily from urea fertiliser exports, Aliko Dangote, Africa’s richest man, said on Monday, highlighting the growing importance of the country’s petrochemical sector as a source of foreign exchange amid persistent revenue challenges.

Speaking during a tour of the Dangote Fertiliser Plant in Ibeju-Lekki, Lagos, by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, Dangote said Nigeria had become the second-largest urea exporter globally, trailing only Russia.

“We are making Nigeria proud with what we have achieved here,” Dangote said. “The country will earn about $2.5 billion annually, or about $7 million daily, in foreign exchange from fertiliser exports.”

The Dangote Fertiliser Plant, part of the expansive Dangote Industries Limited, has a production capacity of 3 million metric tonnes per annum. Commissioned in 2022, the plant is one of the largest in the world and has already begun shipping products to markets across the Americas, Asia, and Africa.

CBN Governor Cardoso praised the project for its contribution to Nigeria’s industrialisation goals and foreign reserves. “This is a shining example of how private sector investment can support economic growth, job creation, and reduce our reliance on oil exports,” Cardoso said.

Nigeria, Africa’s most populous country, has struggled with dollar shortages and an underperforming oil sector. Experts say the growth of non-oil exports, such as fertiliser, could play a critical role in stabilising the naira and closing the country’s widening trade deficit.

According to Dangote, the plant has already signed long-term supply contracts with several international buyers and expects exports to grow as global demand for nitrogen-based fertilisers rises due to food security concerns and supply chain disruptions stemming from the war in Ukraine.

“We’ve not only achieved self-sufficiency but are now earning dollars, which will help stabilise the economy and support government revenues,” Dangote added.

The Nigerian government has been pushing for diversification of its export base and aims to reduce dependency on crude oil, which still accounts for over 80 percent of foreign earnings.

“This fertilizer plant is not just a private sector win—it’s a national asset,” Cardoso said.

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