Africa's Richest Man Aliko Dangote Outlines Expansion Plans For 3 Billion Fertilizer Plant

Aliko Dangote plans to scale up production at his Lagos-based fertilizer plant to meet Africas growing demand and reduce import reliance.

Dangote says Africa can become self-sufficient in fertilizer within 40 months, easing food production pressures and foreign exchange constraints.

A potential Nigerian Exchange listing could unlock new capital as the plant operates at just half its total production capacity.

Africas richest man, Aliko Dangote, has announced plans to expand his 3 billion fertilizer plant Dangote Fertilizer Limited as part of a wider effort to help the continent become self-sufficient in fertilizer production and reduce the high costs of imports. He made the announcement during the annual Afreximbank meeting held in Abuja, Nigerias capital.

Dangote, who heads the Dangote Group Africas most diversified industrial and manufacturing conglomerate and is worth 23.3 billion according to Forbes, said the expansion will help meet Africas growing demand for fertilizer over the next 40 months.

He noted that the continent currently imports more than six million metric tons of fertilizer each year, a burden thats made it harder for many countries to grow enough food, especially given challenging farming conditions.

In the next 40 months, Africa will not import fertilizer from anywhere, he said. Were moving fast. I want Dangote to be the biggest producer of urea in the world bigger than Qatar. Just give me 40 months. He added that increasing local production would ease the pressure on foreign exchange, a persistent challenge in Nigeria due to the weak naira.

This announcement comes at a time when Dangote Fertilizer Limited is preparing for a potential listing on the Nigerian Exchange NGX, which could value the company at more than 3 billion. The plant, located on a 500-hectare site in Ibeju Lekki, Lagos, is already the largest of its kind in Africa. But for Dangote, its never just been about size or valuation. His goal has long been to rebuild domestic industries and reduce Africas dependence on imports.