President Muhammadu Buhari on Thursday disclosed that a new basic chemicals platform worth $1.3b that will produce ammonia and fertilisers in Nigeria will be ready for commissioning soon.
He made the disclosure at an audience with members of the Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN) in Abuja.
“His Majesty, the King of Morocco and I, have agreed to extend the current phosphate supply agreement between the Kingdom of Morocco and Nigeria.
“We both believe that to consolidate and expand on the successes recorded thus far, we must secure raw material supplies to our blenders,” the President was quoted as saying in a statement by his media adviser, Femi Adesina.
He added, “Furthermore, to improve the balance of trade between Nigeria and Morocco, the two countries have signed an agreement to develop a $1.3 billion basic chemicals platform in Nigeria that will produce ammonia, phosphoric acid, sulphuric acid, and various Nitrogen, Phosphorus and Potassium (NPK), and Diammonium Phosphate (DAP) fertilisers using Nigeria’s gas reserves.”
President Buhari noted that the new plant when completed would complement the existing Dangote and Indorama Chemicals facilities which produce urea, ammonia, and other industrial raw materials.
According to him, Nigeria will become a regional and global fertiliser powerhouse when the projects are combined with the existing 44 blending plants.
On the activities of the FEPSAN, the President was happy with the progress made over the past five years, saying investments in the fertiliser and agricultural inputs sector have continued to grow despite the country going through recessions during the period.
He said, “Though many investors chose to take their monies out of Nigeria, you continued to invest. Today, we are seeing the fruits of your smart, long term and patriotic decisions.
“This is why all Nigerians should be proud of the personal commitments and sacrifices you all made in getting us to where we are today.”
“Another commendable trait worth mentioning is that all your investments have been balanced between urban and rural Nigeria; these are the types of investments needed to address the unemployment and security challenges our nation is facing today,” President Buhari added.
He assured FEPSAN that the Federal Government would continue to ensure a conducive business environment for such investments to flourish.
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