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AfDB Approves $100mn Loan For Nigeria’s Indorama Eleme I The Precision

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The African Development Bank has approved a $100 million loan for
Nigeria’s Indorama Eleme Fertilizer & Chemicals aimed at helping it
boost fertilizer production, the bank said in a statement on Thursday.

The
company, a unit of Singapore-based petrochemical producer Indorama, is
seeking to double annual output of urea fertilizer from 1.4 million
tonnes to 2.8 million tonnes, the statement said. 
Once a net
importer of fertilizer, Nigerian production has grown in recent years.
In 2017, it exported around 700,000 tonnes of urea to markets in West
African as well as North and South America. 

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Indorama
Fertilizer’s increased output will target the export market but also
seek to boost domestic supply to drive down prices. 
Nigerian
farmers still use much less fertilizer than their global and African
peers due to high costs, leading to low crop yields that forced the West
African nation to spend around $6 billion on food imports annually. 
The AfDB financed the building of a Indorama Fertilizer plant via a previous loan in 2013. It went online in 2016.

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