President Muhammadu Buhari has stated that a new basic chemicals platform worth $1.3 billion that will produce ammonia and fertilisers in Nigeria will be ready for inauguration in the coming months.
The president disclosed this when he granted an audience to the Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN), at the State House, Abuja, on Thursday, March 25.
According to him, the new plant will be built in partnership with the Kingdom of Morocco.
Buhari said: ‘‘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.’’
Buhari 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.
‘‘When we combine these projects with the existing 44 blending plants; Nigeria will indeed become a regional and global fertiliser powerhouse,’’ he said.
On the activities of the FEPSAN, Buhari expressed delight in the progress they have made over the past five years.
He noted that despite the country going through recessions during the period; investments in the fertiliser; and agricultural inputs sector continued to grow.
‘‘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,’’ he said.
He assured that the Federal Government would continue to ensure a conducive business environment for investments to flourish in the country.