Maritime Nigeria

Main Menu

  • Home
  • News
  • Interviews
  • Maritime Info
  • Photo Gallery
  • Fact
  • Profiles

logo

Header Banner

Maritime Nigeria

  • Home
  • News
    • FG Commits To Enhance NSC Regulatory Capacity

      May 28, 2025
      0
    • NPA, Dangote Agree On Port Expansion, Export Promotion

      May 27, 2025
      0
    • "Tinubu Reforms Driving Surge In Customs Revenue"-CGC

      May 25, 2025
      0
    • Sea Port Efficiency: FG To Deepen Lekki Port Channel

      May 25, 2025
      0
    • Maritime Bank Takes Off, Gets President/CEO

      May 23, 2025
      0
    • Customs Intercept N3.2Billion Illicit Drugs, Smuggled Items

      May 22, 2025
      0
    • Oyetola Engage French Ambassador On IMO Seat

      May 22, 2025
      0
    • CGC Revitalizes Seme Command, Regional Trade With SIGMAT

      May 21, 2025
      0
    • Full Implementation Of Marine And Blue Economy Policy On Course

      May 14, 2025
      0
  • Interviews
    • Nigeria Takes Leadership Of MOWCA

      Nov 18, 2021
      0
    • APM Participates in UK Trade Expo

      Oct 31, 2021
      0
    • Reps Seek Admission at MAN

      Dec 7, 2020
      0
    • NIMASA URGE SHIP OWNERS TO RENEW CABOTAGE LICENSES

      Oct 5, 2020
      0
    • FG Sacks Aboloma As NAIC Gets New EDs

      Aug 28, 2020
      0
    • Britain Celebrate Nigerian In Covid Efforts

      Jul 26, 2020
      0
    • Zuckerberg Backs Trump Against Twitter

      May 28, 2020
      0
    • NAFDAC DG Sheds Light On Chloroquine, Herbals, Masks and Covid19

      May 12, 2020
      0
    • Reps Threaten MDAs

      Feb 24, 2020
      0
  • Maritime Info
    • 2023 POP: Minister Task Cadets On Blue Economy

      Dec 15, 2023
      0
    • Rector, Trainees Excited, Laud FG On Modern Academy

      Jan 26, 2023
      0
    • Buhari Redeploys Minister As NPA, NIMASA, MAN, Others Get New Boards

      Apr 7, 2022
      0
    • World Bank Endorse Nigerian Ports, Partners Navy On Capacity Building

      Mar 19, 2022
      0
    • NIMASA Commend Nigerian Navy, Reassures On Floating Dock

      Feb 9, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • shipping

      Singapore Strait Dangerous To Shipping-ReCAAP

      Jan 24, 2022
      0
    • Lekki Deep Sea Port Will Increase Port Efficiency-Amaechi

      Jan 24, 2022
      0
    • Fair Competition: NSC Partners FCCPC For Effectiveness

      Jan 21, 2022
      0
  • Photo Gallery
    • SERAP Calls for Probe of Entire Privatization Processes 1999-2011

      Dec 4, 2017
      0
    • IMO Election: South Africa, Kenya, Liberia, Morroco and Egypt Make Category C

      Dec 2, 2017
      0
    • Maersk Ship on Fire as Coy Launches Six Container Lifting Tech

      Nov 2, 2016
      0
    • Captured Seafarers Languish In Captivity without Ransom

      Nov 1, 2016
      0
    • Niger Delta: Militants Ask FG to Include Former Agitators in Negotiations

      Nov 1, 2016
      0
    • Self-Audit: NIMASA Set to Review 3% Freight Charge

      Nov 1, 2016
      0
    • Recession: Japanese Shipping Companies to Merge

      Oct 31, 2016
      0
    • NSC Partners ICS on Capacity Building

      Oct 31, 2016
      0
    • AGAIN, APAPA CUSTOMS SURPASS MONTHLY TARGET WITH N33B COLLECTION

      Oct 5, 2016
      0
  • Fact
    • Maritime Police Boss Celebrate Workers

      May 1, 2025
      0
    • “VIN Is A Trade Tool, Not Punitive”-Customs

      Mar 2, 2022
      0
    • Blackmailers, False Publishers and Their Agents: Court Clears Rector

      Feb 18, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • "APM Terminals Is Beyond Moving Boxes Around"-Laursen

      Jan 24, 2022
      0
    • MWUN: Welfare, Safety Our Priority-Adeyanju

      Dec 27, 2021
      0
    • Reversing the Trend: Koko Breaks Record at NPA

      Dec 24, 2021
      0
    • Minister Demands More From MAN At Passing Out Parade

      Dec 20, 2021
      0
    • MARITIME NIGERIA TASK NIMASA ON MARITIME DEVELOPMENT

      Dec 15, 2021
      0
  • Profiles
    • CMA CGM Brings AI Onboard

      Jun 5, 2018
      0
    • Customs Notify 577 Officers of Retirement by Eguono Odjegba

      Jan 12, 2018
      0
    • Over 100 Persons Feared Dead in Mediterranean Ship Wreck

      Nov 3, 2016
      0
    • Ballast Water: Panama Signs Up

      Oct 24, 2016
      0
    • Ist Half Report: Customs generate N385.7bn revenue

      Aug 15, 2016
      0
    • Minister/MD Speeches at the Launch of NPA's CCCIS

      Jul 23, 2016
      0
    • Face off Imminent as Dakuku Warn IOCs to Sit Up or Stay ...

      Jul 22, 2016
      0
    • Hadiza, Welcome to NPA

      Jul 16, 2016
      0
    • Habib Abdullahi Sacked Again from NPA

      Jul 12, 2016
      0
  • FG Commits To Enhance NSC Regulatory Capacity

  • NPA, Dangote Agree On Port Expansion, Export Promotion

  • “Tinubu Reforms Driving Surge In Customs Revenue”-CGC

  • Sea Port Efficiency: FG To Deepen Lekki Port Channel

  • Maritime Bank Takes Off, Gets President/CEO

FeaturedNews
Home›Featured›Nigeria Gets $100m Agricultural Boost

Nigeria Gets $100m Agricultural Boost

By Editor
May 17, 2018
1391
0
Share:

The African Development Bank (AfDB) says it has approved 100 million dollars senior loan to Nigerian firm, Indorama Eleme Fertilizer and Chemicals Limited, to support production of Fertilizer in Nigeria to enable the company double its fertilizer production from 1.4 million tons of urea to 2.8 million tons per annum.

AfDB said the intervention followed a previous loan extended to Indorama Fertilizer in 2013 for the commissioning of another urea fertilizer plant with a production capacity of 1.4 million tons per annum.

The statement stated that “The completion and exploitation of that plant in 2016 helped turn Nigeria from a net fertilizer importer to a self-sufficient producer, and now a net exporter of fertilizer. In 2017, 700, 000 tons of urea were exported to West Africa and North and South American markets. Production from the new plant will predominantly target export markets,’’ it said

The  statement reveals that the project would  also address the problem of inadequate fertilizer utilization, which was considered one of the principal constraints to agricultural growth and development in Nigeria, and the entire African continent.

“This Project will build upon the success of Train-I in increasing the domestic supply of urea fertilizer in Nigeria, making it easily available and leading to cheaper prices for the Nigerian farmer. It will also help further address labor issues in a local region wracked by poverty, inequality and political tension by creating high paying technical jobs and will count towards climate change abatement by reducing amounts of flared gas.”  Abdu Mukhtar, Director for Industrial and Trade Development  said.

Fertilizer production support is well aligned with regional and national priorities, as well as the Bank’s assistance strategy in Nigeria, and is an important step towards the Bank’s goal of radically transforming Africa’s agriculture sector and making the continent self-sufficient in food.

In spite a large population of farmers, Nigeria spends at least 6 billion dollars per year on food imports.

A contributing factor to low domestic crop yields is low consumption levels of fertilizer in Nigeria-and indeed Africa as a whole, which averages only 10-15 per cent of global levels.

The project supports the medium term economic recovery and growth plan of the Government of Nigeria and the Bank’s regional strategy to link regional markets in West Africa.

20 per cent of the urea exports will be made to South Africa and West Africa (Cote D’Ivoire & Senegal).

Regional integration will be further strengthened by the export of increased agriculture production in Nigeria.

The Indorama Eleme Complex has been a success story of public private partnerships in Nigeria, with several benefits including import substitution of raw materials to over 450 downstream industries.

Also, increased crop yields of over 30 per cent; training of 200,000 farmers on the proper use of fertilizers expected to reach 2 million by 2021; creation of 50,000 jobs, and an annual contribution of 2 billion dollars to Nigeria’s GDP.

The estimated 1.1 billion dollars cost of the Project is to be financed with equity of 100 million dollars and debt finance of 1billion dollars which will be provided by development finance institutions.

All the financiers have now provided their final Board approvals for the project.

NAN

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • More
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)

Related

Previous Article

“I Want Better Deal for Seafarers”-Kitack Lim

Next Article

MM Customs Impound Tramadol Capsules

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • News

    Military Has Performed Excellently-

    Dec 7, 2024
    By Editor
  • FactFeaturedNews

    NPA Donates Agura Hotels For Covid 19 Care

    Mar 27, 2020
    By Editor
  • News

    The Academy Is a Responsible Institution”-Rector

    Jan 16, 2023
    By Editor
  • News

    “APC, PDP-Things Will Fall Apart”-Primate Ayodele

    Jan 1, 2018
    By Editor
  • News

    Fish Scarcity Looms-UN

    Jul 9, 2018
    By Editor
  • Maritime InfoNews

    NNPC Withholding $15.8 billion From FG?

    Mar 14, 2017
    By Editor

Leave a Reply Cancel reply

  • Maritime InfoNews

    FG Sacks All Directors at NCAA

  • Maritime InfoNews

    Buhari Directs Ruthless Action

  • Customs Operations

    REVENUE: Customs, RMAFC Unite to Block Leakages

Looking For Something?

Read From

  • Agriculture
  • Customs Operations
  • Fact
  • Featured
  • Interviews
  • Maritime Info
  • News
  • One Question
  • Photo Gallery
  • Profiles
  • sports

Just In

News

FG Commits To Enhance NSC Regulatory Capacity

Secretary to the Government of the Federation (SGF), Senator George Akume, has pledged the support of the Federal government to address and ensure that modern, the Nigerian Shippers’ Council, NSC, ...
  • NPA, Dangote Agree On Port Expansion, Export Promotion

    By Editor
    May 27, 2025
  • AfCFTA: Nigeria Launches Air Cargo Route To Boost Exports

    By Editor
    May 26, 2025
  • Canada Commends Nigeria On Anti Smuggling Efforts

    By Editor
    May 25, 2025
  • “Tinubu Reforms Driving Surge In Customs Revenue”-CGC

    By Editor
    May 25, 2025
  • Home
  • About Us
  • Contact Us
© 2013 Maritime Nigeria | All Rights Reserved