Nigerian billionaire Aliko Dangote has plans to open a 3-million-ton fertilizer plant, Dangote Fertiliser Plant, located in Ibeju Lekki, Lagos, at a cost of $2.5 billion, reported media outlets. The country aims to export to foreign markets.
Fertilizer prices have been rising, especially with the Russia-Ukraine war, disrupting shipping. International shipping companies have largely suspended their activities in Russia.
Russia was the world’s top exporter of fertilizers in 2019, according to data from the Observatory of Economic Complexity, when Russia’s trade volume in fertilizer stood at nearly $9 billion. Fertilizer prices last week were nearly 10 percent higher than the week before, the highest price point ever recorded, according to Green Markets North America Fertilizer Price Index. Prices are now 40 percent higher than a month ago, before
