Femi Otedola visits the crude oil refinery and fertilizer plant owned by Aliko Dangote

The oil refinery and fertilizer plant owned by Aliko Dangote, Africa's richest man and president of Dangote Group, according to Femi Otedola, a business entrepreneur, is the world's eighth wonder.

Following a visit to the project site in Lagos, Otedola made the remark in a tweet on Wednesday.

The oil refinery is now valued at $12 billion and is still under development.

When completed, it would be the world's largest, capable of meeting Nigeria's fuel needs. The refinery's completion will be delayed until the end of 2020, according to Devakumar Edwin, the Dangote Group's executive officer.

This is later than the previously announced completion date of early 2020. The delay, according to Edwin, is due to difficulties importing products. The problem, he explained, stems from the bottleneck at the Apapa ports.

The fertilizer factory is expected to produce 2.8 million tons of urea per year.

Africa's largest Granulated Urea Fertilizer complex is Dangote Fertilizer Plant. The facility is situated on 500 hectares of land in Lagos, Nigeria's Lekki Free Trade Zone.

With Nigeria's expected annual fertilizer needs of 5 to 7 million metric tons and current fertilizer usage of 1.5 million metric tons, the Dangote Fertilizer Complex was developed to generate 3 million metric tons of urea fertilizer in phase 1.

The fertilizer plant is complete and ready for inauguration, according to Otedola, who dubbed the projects as the "eighth wonder of the world." The refinery is 75 percent complete, according to Otedola.

The Urea Fertilizer Plant was created to meet Nigeria's demand for fertilizer, which is an important part of ensuring food security in Africa's most populous nation.

The Fertilizer Plant is planned to produce 3 million metric tons of urea per year, lowering the country's fertilizer imports while also producing $400 million in annual foreign cash via export to African countries.

Dangote Fertilizer collaborates with Farmer Associations, Corporate Farms, NPK Blenders, NGO/development partners, and State Governments across Nigeria, as well as governments throughout Africa and beyond, to increase soil and farm yields in a sustainable manner.

With the arrival of Dangote Fertilizer, Africa will be self-sufficient in food production and a net exporter of food to the rest of the globe.