Nigeria’s president says new $1.3bn fertiliser plant to be commissioned soon
Nigerian President Muhammadu Buhari has said that a new $1.3 billion basic chemicals platform that will produce ammonia and fertilisers will be ready for commissioning in Nigeria in the coming months.
Receiving members of the Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN), who called on him in Abuja on Thursday, President Buhari said that “His Majesty, the King of Morocco and I, have agreed to extend the current phosphate supply agreement between the Kingdom of Morocco and Nigeria.
“We both believe that to consolidate and expand on the successes recorded thus far, we must secure raw material supplies to our blenders.”
A statement by presidential spokesman, Mr. Femi Adesina, in Abuja on Friday said that in order to improve “the balance of trade between Nigeria and Morocco, the two countries have signed an agreement to develop a $1.3 billion basic chemicals platform in Nigeria that will produce ammonia, phosphoric acid, sulphuric acid, and various Nitrogen, Phosphorus and Potassium (NPK), and Diammonium Phosphate (DAP) fertilisers using Nigeria’s gas reserves”.
President Buhari noted that the new plant when completed would complement the existing Dangote and Indorama Chemicals facilities which produce urea, ammonia, and other industrial raw materials.
According to Buhari, Nigeria will become a regional and global fertiliser powerhouse when the projects are combined with the existing 44 blending plants.
Speaking on the activities of the association, he expressed delight with the progress made over the past five years, adding that investments in the fertiliser and agricultural inputs sector have continued to grow despite the country going through recessions during the period.
“Though many investors chose to take their monies out of Nigeria, you continued to invest. Today, we are seeing the fruits of your smart, long term and patriotic decisions.
“This is why all Nigerians should be proud of the personal commitments and sacrifices you all made in getting us to where we are today.”
“Another commendable trait worth mentioning is that all your investments have been balanced between urban and rural Nigeria; these are the types of investments needed to address the unemployment and security challenges our nation is facing today,” Buhari said.
He assured the association that the government would continue to ensure a conducive business environment for such investments to flourish.
Responding, the president of the association, Mr. Thomas Etuh, recalled that five years ago, President Buhari urged the association to reduce Nigeria’s reliance on imports, enhance fertiliser availability and affordability and create jobs over a four-year period.
He disclosed that the members of the association in the last three months alone have been able to raise bank guarantees and funding of close to N100 billion (about $263.157 million)