By Lucy Ogalue
The African Development Bank (AfDB) has signed a 75 million dollar loan agreement with Nigeria’s Indorama Eleme Fertiliser and Chemicals Limited.
The bank announced this in a statement issued on its website late Thursday.
According to the statement, the loan will enable Indorama to increase its fertiliser production and develop a port terminal for exports.
The statement also said that the loan would help in supporting food production and food security across regional and international markets, while fostering job creation in Nigeria.
It said that the expansion would include the development of a third urea fertilizer production line and a new shipping terminal at Indorama’s facilities in Port Harcourt.
“The new production line is expected to have an annual capacity of 1.4 million metric tons of urea, one of the most widely used fertiliser worldwide.
“Indorama’s two operational urea fertiliser lines serve Nigeria’s domestic market.
“It supports the…
Source: News Agency of Nigeria
