Osinbajo to commission $1.5b fertilizer plant
Acting President Yemi Osinbajo, is to inaugurate in Port Harcourt, Rivers state on Thursday, a new $1.5billion fertilizer plant built by Indorama Eleme Fertilizer and Chemicals Limited.
According to a statement issued by his spokesman, Laolu Akande, in Abuja on Wednesday, the plant with production capacity for 1.5 million Metric Tons of Urea fertilizer is considered the world’s largest single-train Urea plant.
It recalled that Eleme Petrochemicals Company Ltd, now Indorama Eleme Fertilizer and Chemicals Limited was privatized in 2006 after the sale of Federal Government’s 75 per cent shares to a core investor through a competitive bidding process.
The statement added that the Plant has a production capacity of 4000 metric tons (MT) of nitrogenous fertilizer per day and 1.5 MT per annum; and was built with an investment of USD 1.5 billion.
It also noted that the fertilizer plant is supported by a Port Terminal at the nearby Onne Port Complex, and a Gas Pipeline of 83.5KM for gas supply.
The state assured that the plant would bring about a green revolution in the agriculture sector not only in Nigeria but also in other parts of Africa and beyond, in line with the economic diversification of the Buhari administration.
“Besides making fertilizer available to farmers nationwide at affordable cost, the plant will also boost crop yield for farmers and help in minimizing the food grain deficit in Nigeria,” it added.