Abokirate

AbokiFX Rate get the live exchange rates. Convert foreign currencies instantly with the Abokifx calculator. Nigeria News..,

CBN governor

Nigeria’s Fertilizer Plant Increases by 41 in 7 Years – CBN

Nigeria has improved its fertilizer blending plants by at least 41 since President Muhammadu Buhari assumed office in 2015.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this on Tuesday at the commissioning of the Dangote Fertiliser Plant in Lagos.

He attributed the feat to the effort of the nation’s top fertiliser team set up by the President in a bid to ensure food sufficiency in the country.

“Prior to Mr. President assuming office in 2015, Nigeria imported virtually all its fertilizer products to support its agricultural sector,” the CBN chief informed the audience at the event. “In response to this situation, Mr. President inaugurated the Presidential Fertilizer Initiative chaired by the Governor of Jigawa State, (Abubakar) Badaru, and checked with us to resolve this fertilizer shortage problem.

“I am delighted to note that their work and the continued support of Mr. President has resulted in a significant increase in our nation’s blending capacity from seven plants in 2015, to over 48 active fertilizer blending plants today.”

READ MORE: CBN DOLLAR TO NAIRA EXCHANGE RATE

President Buhari inaugurated the multi-billion dollar facility at an event well attended by many political, traditional, and religious leaders, as well as key members of the private sector from various parts of the country.

Among them were the Senate President, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila; Chairman of the Nigeria Governors’ Forum, Kayode Fayemi; Governor Badaru, and President of Dangote Group, Aliko Dangote.

While addressing the gathering, Emefiele revealed that Nigeria has produced over 35 million bags of blended fertiliser in the last five years.

He also highlighted some of the benefits of having more fertiliser blending plants to the nation’s economy.

“Our import bill on fertiliser has not only declined significantly, but we are also witnessing rising investment in the fertiliser industry, such as the one being commissioned today by the Dangote Group,” the CBN chief said.

“Today, Nigeria is self-sufficient in the production of urea, and we are also leading in the production of urea on the African continent.

POUNDS TO NAIRA EXCHANGE RATE? VISIT ABOKIFX RATE TODAY.

“There is no doubt that improving access to fertilizer will contribute to significant improvement in productivity of our local farmers but probably, more importantly, it will enhance our nation’s drive to improve food security and ensure we consume what we produce in Nigeria, thereby fulfilling another key promise and vision of the administration.”