The Bank of Tanzania has lauded the establishment of the new Itracom fertilizer factory in Dodoma, which is expected to have a production capacity of one million tons of fertilizer by August this year. This production will exceed the country's current annual demand by 400,000 tons.
During a visit to the factory, Bank of Tanzania's Acting Director of Research and Economic Policies, Mr. Lekinyi Mollel, highlighted the significant investment made in the factory. He stated that this investment would enable the country to become self-sufficient in fertilizer production and reduce the foreign exchange spent on importing this critical agricultural input.
“The establishment of the Itracom factory promotes economic opportunities and saves foreign currency currently used to import fertilizer,” Mr. Mollel said.
The purpose of the Bank of Tanzania's visit was to understand the working conditions, investment environment, market issues, and the sustainable plans of the factory. “We have come, we have seen, and we understand what is happening. We are learning how the factory is organized to support the country's economy and eliminate the need for imported fertilizer by producing it locally,” Mr. Mollel added.
Earlier, while addressing the delegation from the Bank of Tanzania, the Deputy Managing Director of Itracom Fertilizer Ltd., Dr. Kenneth Machuki, stated, “So far, we have the capacity to produce 600,000 tons. Next week, we will increase our production capacity by another 200,000 tons, and by August this year, we will reach our goal of producing one million tons annually.”
With this level of production, Dr. Machuki noted that the Tanzania Fertilizer Regulatory Authority (TFRA) estimates the country’s annual fertilizer consumption at 600,000 tons, resulting in a surplus of 400,000 tons available for export.
The factory, which has an investor from Burundi, is one of the largest of its kind and is expected to help Tanzania achieve its goal of completely eliminating the importation of fertilizer by the year 2030.