Acting President (Vice President) Osinbajo Inaugurates 1.5 Billion USD Fertilizer Plant in Nigeria0
The Plant has a production capacity of 4000 metric tons (MT) of nitrogenous fertilizers per day or 1.5 MT per annum
Acting President, Prof. Yemi Osinbajo a few days ago in Port Harcourt inaugurated a giant world-class fertilizer plant, built by Indorama Eleme Fertilizer and Chemicals Limited at the cost of $1.5 billion.
The acting President used the opportunity to remind all Nigerians that time has come for them to grow whatever they eat and produce whatever they consume.
“What Indorama is accomplishing today is very much in line with President Buhari’s vision for a country that produces what it consumes and grows what it eats. If you had to sum up our vision for the Nigerian economy in a few words, these would suffice. Grow what we eat, produce what we consume,” he said.
Prof Osinbajo commended Indorama for keying into the Presidential Fertilizer initiative which President Buhari launched last year to make fertilizers cheaper nationwide.
“At the end of last year, the President launched a Presidential Fertilizer Initiative, to ensure the availability of cheaper fertilizer to our farmers, to support what we’re doing in agriculture, in the production of rice and wheat and other staples.
The acting President said that the Buhari administration will continue to support Indorama Eleme Petrochemicals Limited, which was privatised in 2006 by the Federal Government.
According to him, the company has turned out to be a huge success story. “I am glad that we’re here today to see one of the success stories of the Federal Government’s privatisation programme,” he said.
“We will continue to support Indorama Eleme Petrochemicals Limited’s expansion ambitions. Our commitment to the privatisation programme is equally assured, and we will continue to do everything to support investors to maximise the potential of their assets,” he said.
The Plant has a production capacity of 4000 metric tons (MT) of nitrogenous fertilizers per day or 1.5 MT per annum. The world-scale plant has been built with an investment of USD 1.5 billion, a huge Foreign Direct Investment, funded by the International Finance Corporation (IFC) and a Consortium of 15 European and African banks and Financial Institutions.
The plant will bring about a green revolution in the agriculture sector not only in Nigeria but also in other parts of Africa and world at large.
Besides, making the fertilizer products to be available at affordable cost, the plant will boost crop yield to farmers and greatly help in minimizing the food grain deficit in Nigeria.
The plant has also generated lots of job opportunities contributing to the economic prosperity of Nigeria.
Distributed by APO on behalf of Indorama Corporation.
Photo: envatoelements / stevanovicigor