Nigeria as a country has most times been derided for its lack or inadequate companies and factories, or outrightly a lack of initiatives towards towards the development of one.
With a capacity of 3million tonnes per annum, the $2-billion Granulated Urea Fertiliser plant has been classified as the biggest project in the history of the fertiliser industry.
The fertilizer plant means Nigeria will be the only Urea exporting country in Sub-Saharan Africa, which will bring in about $2.5 billion in terms of forex.
The project costs about 2 billion dollars in estimation and the CBN contributed about N50billion to the construction of the plant, as part of its support for local industries.
Currently more than 26,000 people are working at the construction level while on completion, about 80,000 people would be fully engaged while almost 50,000 others will be living in the complex.
The CBN governor, Emefiele, said the fertiliser plant would stop importation of fertilisers, as about 25 per cent of its products would be used for domestic consumption to boost agriculture in the country, while the remaining 75 percent would be exported.
According to him, the plant will also generate a minimum of $750 million through export annually.
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