President of Nigeria, Muhammadu Buhari has recently said in a statement that a new $1.3 billion basic chemicals plant will be ready for commissioning in the coming months with an aim of producing ammonia and fertilizers in Nigeria.
Commenting in the presence of the Fertilizer Producers and Suppliers Association of Nigeria, FEPSAN, President Buhari said that the new plant will be built in alliance with the Kingdom of Morocco.
Femi Adesina, Special Adviser on Media and Publicity quoted the President saying that the King of Morocco and Muhammadu Buhari have agreed upon extending the existing Phosphate supply agreement between the two countries. Mr. Adesina said the they believe that to expand on the success achieved so far, they must obtain raw material supplies to blenders.
While to improve trade balance between Morocco and Nigeria, the two nations have signed a deal to develop a $1.3 billion Basic Chemicals Platform in Nigeria to yield Phosphoric Acid, Ammonia, Sulphuric Acid and various NPK (Nitrogen, Phosphorus and Potassium) and DAP (Diammonium Phosphate) fertilizers using Nigeria’s gas reserves.
President Buhari claims that the new plant, upon completion, would complement the existing Indorama and Dangote Chemicals facilities which currently produce ammonia, urea, and other industrial raw materials. Combining these projects with the existing 44 blending units will irrefutably make Nigeria a local as well as global fertilizer power house, said the President.
He claims that over the past four years, the country has worked on resolving some economic imbalances by means of agricultural and financial policies that attract employment opportunities to the region’s rural areas.
As the country heads towards expanding its security operations to resolve these challenges, it is vital to note that peace & prosperity can only be maintained conditioned to collectively and actively supporting investments that offer new opportunities to rural citizens.