Cloudy Weather Report Ramallah, Palestine +4°C, Cloudy
Home | News |

Finance: AfDB grants Nigerian firm $100 million loan to double its fertiliser production

'); }else{ document.write(''); fbAsyncIds.push('fwid4'); fbStatUrls.push(''); }} /* ]]> */

The African Development Bank has approved $100 million senior loan to Nigerian firm, Indorama Eleme Fertiliser & Chemicals Limited, to support the company’s plans to double its fertiliser production from 1.4 million tons of urea to 2.8 million tons per annum.

The estimated $1.1 billion cost of the Project is to be financed with equity of $100 million and debt finance of $1billion which will be provided by development finance institutions.

AfDB’s intervention follows a previous loan extended to Indorama Fertiliser in 2013 for the commissioning of another urea fertiliser plant with a production capacity of 1.4 million tons per annum.

Indorama Eleme Fertiliser and Chemicals Limited, which now known as Indorama Eleme Fertiliser & Chemicals Limited, was privatised in 2006 after the sale of Federal Government's 75 percent shares to a core investor through a competitive bidding process.

Abdu Mukhtar, Director for Industrial and Trade Development at the African Development Bank said: “This project will build upon the success of Train-I in increasing the domestic supply of urea fertiliser in Nigeria, making it easily available and leading to cheaper prices for the Nigerian farmer.”

“It will also help further address labour issues in a local region wracked by poverty, inequality and political tension by creating high paying technical jobs and will count towards climate change abatement by reducing amounts of flared gas.”

The completion and exploitation urea fertiliser plant in 2016 helped turn Nigeria from a net fertiliser importer to a self-sufficient producer, and now a net exporter of fertilizer.

In 2017, 700,000 tons of urea were exported to West Africa and North and South American markets. Production from the new plant will predominantly target export markets.

“The project will also address the problem of inadequate fertiliser utilisation, which is considered one of the principal constraints to agricultural growth and development in Nigeria, and the entire African continent,” the development bank said.

In 2017, Yemi Osinbajo, Nigeria's acting president, inaugurated the $1.5 billion Indorama Fertiliser plant in Eleme, Port Harcourt.

The Indorama Eleme Complex has been a success story of public-private partnerships in Nigeria, with several benefits including import substitution of raw materials to over 450 downstream industries; increased crop yields of over 30%; training of 200,000 farmers on the proper use of fertilisers expected to reach 2 million by 2021; creation of 50,000 jobs, and an annual contribution of US$2 billion to Nigeria’s GDP.


No tags for this article
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.

Related Articles

RCCG includes genital test for their pre-marital examination

According to a letter going round social media, RCCG church now has the support of their General Overseer, Pastor E.A Adeboye, to examine the genitals

Medical doctor turned fraudster arrested by police for buying N28m Porsche car with fake bank alert

Lagos State Police Command has arrested a 28-year-old medical doctor and a professional hacker, Michael Williams, who specializes in generating fake bank alerts to buy

Actor, Jet Li looking unrecognizable amid battle with ‘hyperthyroidism, Alleged photos surfaces

New photos has emerged online supposedly to be of legendary Beijing-born action star, Jet Li, 55, and many are speculating that his health issues may have deteriorated. The

Most Watched Videos

View all posts

Amazing! This Pastor Claims to Heal by Kissing His Flocks - Video

Wonders shall never end.  This is a new one.... Ghanaian pastor based in South Africa claims to heal folks through kisses.  Yes, full blown tongue in

What Type of Man Are You? (Must Watch Video)

This video describes in vivid terms, the types of men that exist.  Watch and review below.

Best Response Ever to the Age-old Question - "What Will You Do If Your Partner Denies Paternity?"

Best Response Ever to the Age-old Question - "What Will You Do If Your Partner Denies Paternity?" Watch and share ...after you laugh!

[Music] Basseline Ft. Uriel Oputa – Buy Luv (Prod. KayzBeat)

by Mcadioh 1 hour ago0 Yes my people this is a big one, your boy Basseline collaborates with our ex big brother house mate Uriel Oputa

[Music] Maire – Kau Kau

by OG DEJI 1 hour ago0 Maire returns with one of her best projects to date. She drops a new single titled ‘Kau Kau’. Produced by

Most Read News

View all posts

Ebonyi, Enugu govs beg FG for refund of N45bn spent on federal roads

By Favour NnabugwuTwo State Governors are seeking a refund of N45biliion from the federal government for the rehabilitation of federal roads in their domains. Babatunde

Royal Revenge: How the Queen is paying back Meghan Markle’s father for not attending wedding

- Queen Elizabeth has decreed that Meghan Markle’s father, Thomas, will not be given a coat of arms- Fathers of previous commoners received their own

Former Champions League winners make improve offer for Man United star midfielder

- AC Milan, have confirmed they are chasing a deal for out-of-contract Manchester United midfielder Marouane Fellaini- Fellaini, 30, is a free agent after snubbing

Ogu deletes wife’s pictures on Instagram

Idris Adesina All seems not to be well between Super Eagles midfielder John Ogu and his wife Veronica as the couple have both unfollowed each other

Breaking: National Assembly jerks-up 2018 Budget to N9.120trn

- Senate has finally laid the report of 2018 budget estimates - President Buhari had on November 7 presented the budget to a joint session