Africa’s richest man, Aliko Dangote, has announced plans to begin coal exports from Nigeria in the coming weeks, adding another revenue stream to the growing portfolio of Dangote Industries Limited (DIL).
Speaking during a courtesy visit to the Nigerian Ports Authority (NPA) headquarters in Lagos on Monday, Dangote also revealed that the company is targeting daily revenues of between $6.5 million and $7 million from fertilizer exports within the next two years.
The business mogul is also setting his sights on another key petrochemical product, polypropylene. Currently, Nigeria imports about 90% of the 250,000 metric tonnes it uses each year.
Nigerian manufacturers estimate that Dangote’s new polypropylene production could save the country $267 million. Dangote Industries Limited (DIL) also revealed plans to export around 16,000 tons of fertilizer daily over the next two years, an effort expected to generate between $6.5 million and $7 million in daily revenue for the country.
The facility is Africa’s largest granulated urea fertilizer complex, with an annual production capacity of 3 million metric tonnes, and has long supported Nigeria’s agricultural sector and reduced reliance on imported fertilizers.
According to Dangote, with the commencement of the export programmed, the company is set to become a major source of foreign exchange earnings for Nigeria.
This announcement follows Dangote’s recent major agricultural investment in Niger, where, in collaboration with the state government, the company is constructing a high-capacity rice mill on a 30-hectare site.
Source: Africabusinessinsider