Full Text Of Godwin Emefiele’s Speech On The Dangote Fertilizer Plant

The CBN Governor, Godwin Emefiele, spoke at the Dangote fertilizer plant’s commissioning.

He discusses the impact of President Buhari’s tenure on agricultural growth and expansion, as well as the development of infrastructure in Nigeria to support homegrown goods and products.

Read the transcript of Godwin Emefiele below.

• “Your Excellence President Muhammadu Buhari, the president and commander-in-chief of the armed forces of Nigeria,
• Your Excellency, Dr. Ahmed Lawan, the President of the Senate and the Speaker of the House of Representatives,
• the Right Honourable Jabir Miller, Your Excellence, Mr. Babajide, Governor of Lagos State,
• Your Excellency, Mrs. Amina Mohammed, former governor here, President, please allow me to recognize Shiwajubola and Olusegun as captains of industry.
• It is indeed my pleasure to be here this morning at the commissioning of this three-million-ton-per-random fertilizer plant.
• I am delighted and extremely related that a Nigerian, in the person of Allah, has taken not only this great initiative of helping to so Mr. President, Sir, in the early days of my tenure as governor of the Central Bank of Nigeria, and under your capable leadership, you made your vision for the country very clear to me.
• The vision was centered on the overarching theme of self-introspection for local resources and self-sufficiency for local consumption.
• In summary, your excellency, You told me that you would like to see urgent support for our farmers, small businesses, and, indeed, some of our large manufacturers, so as to grow and diversify the nation’s economic base.
• His Excellency wanted to see in Nigeria a country that produced what it consumed and reduced foreign exchange expenditure on agricultural imports given our inflation.
• I believe in your vision. Your Excellence We immediately set to work at the central bank of Nigeria.
• We thoroughly studied, deeply assimilated, and enthusiastically implemented this vision from day one of your administration.
• It is based on the many nights and days of painstaking work in pursuit of this vision that today’s ceremony is emotional for us at the central bank of Nigeria.
• Indeed, your excellency, sir, the completion of this plant is a stellar example of the realization of your vision, and you deserve a round of applause.
• It is therefore only fitting that this plant be commissioned by President Muhammadu Buhari himself, the original owner and protector of this vision, for your unparalleled leadership and timely vision.
• On behalf of my colleagues, we say a heartfelt thank you. Let me emphasize, ladies and gentlemen, that this fertilizer plant is timely when one considers recent developments in the global market, where prices of wheat fertilizer and crude oil spiked by more than 30 percent following the Russia-Ukraine wall.
• In addition to the lessons we learned from countries’ protectionist actions during the early days of Qubit 19, this investment is yet another glaring testament to Mr. President of Korea’s foresight and tireless efforts.
• He inaugurated the presidential fertilizer initiative chaired by the governor of Jigawa state, Governor Bararoo, and chatted with us at the resort to resolve this perelian fertilizer shortage problem.
• I’m delighted to note that their work and the continued support of Mr. President have resulted in a significant increase in our nation’s blending capacity from seven plants in 2015 to over 48 active fertilizer blending plants today.
• Indeed, during the past five years, over 35 million bags of blended fertilizer have been produced in Nigeria. As a result, our fertilizer import bill has not only decreased significantly, but we are also seeing increased investment in the fertilizer industry, such as the one being commissioned today by the Dangote group.
• Today, Nigeria is self-sufficient in the production of urea and we are also the African continent’s leading producer of urea.
• There is no doubt that improving access to fertilizer will contribute to significant improvements in product quality.
• With your clear leadership and persistent guidance, the agricultural sector has increased its performance and contributed to growth.
• This is a testament to the current support for this sector. Ladies and gentlemen, this dangote fertilizer plant, with an installed capacity of over 3 million tons per year, is a very significant fit in this administration’s diversification agenda, as it will help to increase the value chain in the petroleum, petrochemical, and allied sectors, create jobs for our youth, and boost agricultural productivity.
• Time permitting, I will request that you take a tour of not only this fertilizer plant but also the dangote refinery and petrochemical plant, which together represent an investment of over 17.5 billion dollars at this juncture.
• Ladies and gentlemen, I’d like to thank Elijah Ali Kudangudy as well as the board and management of the Dangote Group for this gigantic project meant to save Nigeria from the stress of importing foreign exchange for fertilizer.
• I want to assure you, your excellency, that the central bank of Nigeria will continue to provide not just the conducive environment required to thrive but also provide willing investors in the fertilizer and other industries with the necessary support both in naira and foreign currency needed to import the equipment to support similar investments.
• Finally, I want to thank Mr. President for the enormous support and encouragement given to the private sector in Nigeria, which is assisting them to contribute enormously to the growth of the economy. It is my hope that the foundations that you laid will become the permanent bedrock upon which we can continue to create an equitable and thriving economy for the good of our people in Nigeria. Thank you very much.”