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AfDB Approves US$100 Million For Expansion Of Fertilizer Production In Nigeria

Unic Press UK: The African Development Bank (AfDB) has announced the approval of a US$100 million loan to a Nigerian company, Indorama Eleme Fertilizer & Chemicals Limited, to supplement the company’s plan toward doubling its fertilizer production from the subsisting 1.4 million tons of urea to 2.8 million tons per annum.

In a press statement Friday, the AfDB said: “Fertilizer production support is well aligned with regional and national priorities, as well as the Bank’s assistance strategy in Nigeria, and is an important step towards the Bank’s goal of radically transforming Africa’s agriculture sector and making the continent self-sufficient in food.”

The Bank’s intervention is aimed at addressing the problem of inadequate fertilizer utilization and improving export volume, thereby boosting agricultural growth and development in Nigeria, and the entire African continent.

The previous intervention by the AfDB, including a loan extended to Indorama Fertilizer in 2013 for a urea fertilizer plant, has immensely contributed to Nigeria being a self-sufficient producer of fertilizer.

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