The African Development Bank (AfDB) has signed a $75 million loan arrangement with Indorama Eleme Fertiliser and Chemicals Limited to support Nigeria’s agricultural industry and increase its worldwide footprint in the fertiliser market.
The financing infusion is expected to support Indorama’s plans for growth, which include the development of a third urea fertiliser production line and the construction of a cutting-edge shipping terminal at its facilities in Port Harcourt. With the new production in line, Indorama Eleme Fertiliser and Chemicals Limited anticipate having an annual capacity of 1.4 million metric tonnes of urea, one of the most commonly used fertilisers worldwide.
Indorama Eleme Fertiliser and Chemicals Limited, already a major participant in Nigeria’s home market, intends to strengthen its agricultural industry, which accounts for a sizable portion of its GDP and labour. Indorama believes that the new production line and terminal will create up to 8,000 direct and indirect jobs, catalysing Nigeria’s economic growth and prosperity.
Acting Director of the African Development Bank’s Industrial and Trade Development Department, Ousmane Fall, expressed delight in the teamwork and emphasised the bank’s dedication to supporting development outcomes in Nigeria and actual sector growth.
“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 Africa and industrialise Africa while generating significant development outcomes in Nigeria,” Ousmane explained.
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