FG plans cheaper fertilizer, sets to build $1.3bn plants


President Muhammadu Buhari Thursday in Abuja said the new basic chemicals platform worth $1.3 billion that will produce ammonia and fertilizers in Nigeria would be ready for commissioning in the coming months.

Speaking at an audience with the Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN), Buhari said the new plant would be built in partnership with the Kingdom of Morocco.

‘‘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.

‘‘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,’’ he said.

The president added that the new plant when completed would complement the existing Dangote and Indorama Chemicals facilities which produce urea, ammonia and other industrial raw materials.

Source: Business Day