Indorama Ventures Public Ltd. (IVL; Bangkok, Thailand; www.indorama.net) has announced the inauguration of a giant world-class fertilizer plant located in Nigeria, built by Indorama Eleme Fertilizer and Chemicals Ltd. at the cost of $1.5 billion. Acting President of Nigeria Yemi Osinbajo attended the inauguration event. The plant has a production capacity of 4,000 metric tons (m.t.) of nitrogenous fertilizers per day.
“What Indorama is accomplishing today is very much in line with President Buhari’s vision for a country that produces what it consumes and grows what it eats. If you had to sum up our vision for the Nigerian economy in a few words, these would suffice. Grow what we eat, produce what we consume,” he said.
Osinbajo commended Indorama for keying into the Presidential Fertilizer initiative which President Buhari launched last year to make fertilizers cheaper nationwide.
“At the end of last year, the President launched a Presidential Fertilizer Initiative, to ensure the availability of cheaper fertilizer to our farmers, to support what we’re doing in agriculture, in the production of rice and wheat and other staples. That Fertilizer Initiative, now well underway, has created significant economic opportunities for companies like Indorama Eleme Fertilizer & Chemicals Ltd. I have been informed that Indorama will this year alone supply about 360,000 metric tons of Urea to Fertilizer blenders, which, in turn, will produce NPK fertilizer for the benefit of farmers across the country,” he said.