$1.3b fertilizer plant For Commissioning Soon- FG
A new firm worth $1.3 billion that will produce ammonia and fertilizers in Nigeria will be ready for commissioning in the coming months.
President Muhammadu Buhari gave the assurance yesterday while speaking in an audience with Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN), at the State House, Abuja.
According to him, he had also agreed with the Moroccan monarch, King Mohammed IV, that the current phosphate supply agreement between Nigeria and Morocco should be extended, hence the signing of an agreement between the two countries to develop the $1.3 billion chemical manufacturing platform in Nigeria.
‘‘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.
‘‘Furthermore, 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, ’’ he said.
Buhari added that the new plant when completed would complement the existing Dangote and Indorama Chemicals facilities which produce urea, ammonia and other industrial raw materials.
‘‘When we combine these projects with the existing 44 blending plants, Nigeria will indeed become a regional and global fertiliser power house,’’ he said.
On the activities of the FEPSAN, Buhari expressed delight on the progress they have made over the past five years, saying that despite the country going through recessions during the period, investments in the fertiliser and agricultural inputs sector continued to grow.
‘‘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,’’ he said.
He assured them that the Federal Government would continue to ensure a conducive business environment for these investments to flourish.