The African Development Bank has signed a $75 million loan agreement with Nigeria's Indorama Eleme Fertiliser and Chemicals Limited.
The loan will enable Indorama increase its fertiliser production and develop a port terminal for exports, supporting food production and food security across regional and international markets, while fostering job creation in Nigeria.
The expansion will include the development of a third urea fertiliser production line and a new shipping terminal at Indorama's facilities in Port Harcourt. The new production line is expected to have an annual capacity of 1.4 million metric tons of urea, one of the most widely used fertilisers worldwide.
Indorama's two operational urea fertiliser lines serve Nigeria's domestic market, supporting the country's agricultural sector, which accounts for a quarter of its GDP and employs about a third of its labour force.
The new production line and terminal, which will help meet growing global demand for fertiliser, are expected to create up to 8,000 direct and indirect jobs in Nigeria.
Acting Director of Industrial and Trade Development Department at the African Development Bank, Ousmane Fall, said "the African Development Bank is proud of its continued partnership with Indorama, the IFC and other lenders on this critical project as it is aligned with our strategic priorities to Feed and Industrialise Africa while generating significant development outcomes in Nigeria."
