Nigeria’s new $1.5BN fertiliser plant boosts agriculture sector

by Reuters 0

Nigeria’s acting president will open a $1.5 billion fertiliser plant in the southeastern city of Port Harcourt on Thursday, highlighting efforts by Africa’s largest economy to boost its agriculture industry.

Nigeria has for decades been dependent on exports of oil to support its economy, but as global crude prices have dropped and production has been hit by militant attacks the government has sought to diversify, embracing sectors such as agriculture and manufacturing.

The new factory has an annual production capacity of 1.5 million tonnes of urea fertiliser and was built by Indorama Eleme Fertilizer and Chemicals Limited, the president’s office said in a statement on Wednesday giving details of the visit by Acting President Yemi Osinbajo. He is leading Nigeria while Muhammadu Buhari is in Britain on medical leave for an undisclosed ailment

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

Reporting by Felix Onuah; Writing by Paul Carsten; Editing by Susan Fenton