Business is always booming for Aliko Dangote — the richest man in Africa. However, his latest project may become his biggest venture yet.
The Dangote Fertiliser Plant comes during the time of the ongoing conflict between Ukraine and Russia — in which the latter country plays a crucial role as a key player in fertilizer supply.
According to Trade Data Monitor and Bloomberg’s Green Markets, Russia “accounted for almost one-fifth of 2021 fertilizer exports.”
With the current sanctions against Russia causing fertilizer costs to increase, customers are now “begging” for the Dangote Fertiliser Plant to sell crop nutrients, according to Dangote.
“We are lucky to have this plant,” Dangote told CNN. “It is coming at the right time with the Ukraine-Russia conflict as both Ukraine and Russia control substantial amounts of agricultural inputs.”
The outlet reports that his newly-opened fertilizer plant is already shipping to the U.S., Brazil, and India.
With the war in Ukraine resulting in record-high fertilizer prices — reportedly projected to also impact food prices — it could signal that the time is now for resource-rich African countries to sweep in and take over in its distribution.
“As the European Union and the United States impose sanctions to deny Russia access to European oil and gas markets, oil-producing African countries could seize on the opportunity,” wrote Mvemba Phezo Dizolele, director of the Africa Program at the Center for Strategic and International Studies, according to the outlet.
Aliko Dangote is currently the 80th-richest person in the world, and the opening of his fertilizer plant could create yet another boost in his net worth.