Browsing: Dangote fertilizer plant

Based on the 2022 Global Report on Food Crises, Nigeria ranks among the ten nations with the most significant number of people in food crisis. www.theexchange.africa

Nigeria: Fertilizer & gas sectors offer silver lining amidst food security concerns

Industry and Trade

Rising costs have remained a critical issue in the aftermath of the outbreak. Data from the World Bank/NBS Nigeria – COVID-19 National Longitudinal Phone Survey 2020 reveals that food prices rose rapidly following the pandemic. In March and April, basic food commodity prices increased by 17.2 per cent and 18.37 per cent, respectively. According to the National Bureau of Statistics (NBS), the rise remains the highest in two years.

Recent findings based on comprehensive and long-term monthly food price data have revealed considerable price rises for all chosen food categories during the pandemic. Imported rice and wheat costs, for example, have climbed by 41% and 21%, respectively.

Wheat prices surged by 21% nationally, with considerable increases in price dispersion across markets when the epidemic began, and prices continue to grow.

Wheat is the main component of bread and other products such as noodles, pasta, semolina, and other Nigerian pantry staples. The consumption of these items is higher in cities due to easier market access than in rural regions. Nevertheless, bread remains a major staple throughout the country.

Dangote office raid investors in Nigeria

Aliko Dangote’s fertilizer plant answer to Africa’s Russia-Ukraine crisis worries

Agribusiness

The global fertilizer market has been shaken, and the Governor of the Central Bank of Nigeria, Godwin Emefiele, said that the plant is timely and will help Nigeria solve a perennial fertilizer problem.

The new fertilizer plant will produce 3 million metric tonnes annually, with Buhari expecting a boom as fertilizer is now readily available in more significant quantities and better quality. The head of state encouraged Nigerians to take up agriculture as a business, saying that he expects the rise of a new breed of agropreneurs who will add value to farming and make the nation self-sufficient in food production.”

Dangote said that fertilizer from the plant would be exported to many countries, including the United States, Brazil, Mexico, and India.