Nigeria: Acting President Launches $1.5Bln Fertilizer Plant to Boost Agriculture

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Nigeria’s acting President will Thursday, commission a $1.5 billion fertilizer plant to boost agriculture in Nigeria. The plant is located in the city of Port Harcourt.

According to a statement, the factory has an annual production capacity of 1.5 million tonnes of urea fertilizer and was built by Indorama Eleme Fertilizer and Chemicals Limited.

“Besides making fertilizer available to farmers nationwide at an affordable cost, the plant will also boost crop yield for farmers,” the statement said.

Nigeria has depended on oil for decades to support its economy but with the drop in the price of crude, it is no longer a reliable source to support the country’s economy hence the need to diversify, by embracing sectors such as agriculture and manufacturing.