AfDB lends Nigerian firm $100m for fertilizer export into Ghana, other markets
The African Development Bank (AfDB) has approved a $100 million senior loan for Nigeria’s Indorama Eleme Fertilizer & Chemicals Limited (IEFCL) to build a gas to urea fertilizer plant.
After building the plant, the company is expected to sell the urea in in Ghana, Benin, US and the UK.
The loan approval was made January 30, 2013 by the AfDB’s Board of Directors.
The Nigerian firm will also operate the plant which will be located in Port Harcourt, Nigeria, when completed.
According to the AfDB, the project will allow Nigeria, which relies heavily (80%) on imported fertilizer, to progressively become self-sufficient and a major exporter.
The project components of the IEFCL plant will include an 84-kilometre pipeline and a multipurpose jetty and terminal infrastructure at Onne Port, 16km from the project site, said the AfDB in a statement.
The project is said to create 3,854 jobs of which 250 are direct and 348 indirect local positions during construction and operation.
By Ekow Quandzie
At time lot of Ghana youth are unemployed and Ghana had discovered a lot natural Gas on their shores. Ghana leaders should wake up and smell the coffee