The richest man in Africa just opened the continent's biggest fertilizer plant. He says people are 'begging' him to sell crop nutrients as sanctions against Russia disrupt supply.
- On Tuesday, Aliko Dangote, the richest person in
Africa, opened the continent's largest fertilizer plant.
- The Nigeria plant's opening comes amid disruptions in fertilizer supplies due to sanctions against
On Tuesday, Africa's richest person, Aliko Dangote, opened the continent's largest fertilizer plant in Nigeria. Demand is already knocking at the door.
"People are begging us to sell," Dangote told CNN on Tuesday.
Sitting on 500 hectares (1,235 acres) of land on the outskirts of Lagos, the $2.5 billion fertilizer plant has an initial annual production capacity of 3 million metric tons of urea fertilizer, according to information on the Dangote Group's website.
The opening of the Dangote Fertiliser Plant comes amid a supply crunch in crop fertilizers due to sanctions against Russia, which accounted for almost one-fifth of 2021 fertilizer exports, according to Trade Data Monitor and Bloomberg's Green Markets. Russia is also a top exporter in key fertilizer ingredients such as urea, ammonia, and potash, per trade outlet Argus Media.
The supply strain has sent fertilizer prices soaring, with the Bloomberg Green Markets North America Fertilizer Price Index surging to record highs. This, in turn, is expected to feed into already soaring food prices.
"We are lucky to have this plant," Dangote told CNN. "It is coming at the right time with the Ukraine-Russia conflict as both
Dangote's fertilizer plant is already shipping to the US, Brazil, and India, CNN reported, citing the billionaire.
Dangote, 64, is the 80th-richest person in the world with a net worth of $20 billion, according to the Bloomberg Billionaires Index. The Dangote Group, which he founded, is the second-largest employer in Nigeria after the government, the country's Vanguard News outlet reported recently, citing the Nigerian president.
The Dangote Fertiliser Plant is expected to create 5,000 direct and indirect jobs, Vanguard News reported, citing a government official.
Amid the war in Ukraine, resource-rich African economies are tipped to benefit from sweeping sanctions against Russia, the world's third-largest oil producer.
"As the European Union and the United States impose sanctions to deny Russia access to European oil and gas
- Chinese app TikTok still has troves of personal data of Indians: Report
- India’s growth to mirror China’s trajectory over next decade with private consumption more than doubling to $4.5 trn
- Top 10 billionaires to have lost the most wealth in the last year as per Hurun Rich List
- A review of the global private markets in 2022
- Microsoft intends to lock 12,000 tons of carbon to the bottom of the ocean, using algae!