AfDB approves $100 mln loan for Nigeria's Indorama Eleme
ABIDJAN, May 17 (Reuters) - The African Development Bank has
approved a $100 million loan for Nigeria's Indorama Eleme
Fertilizer & Chemicals aimed at helping it boost fertilizer
production, the bank said in a statement on Thursday.
The company, a unit of Singapore-based petrochemical
producer Indorama, is seeking to double annual output of urea
fertilizer from 1.4 million tonnes to 2.8 million tonnes, the
Once a net importer of fertilizer, Nigerian production has
grown in recent years. In 2017, it exported around 700,000
tonnes of urea to markets in West African as well as North and
Indorama Fertilizer's increased output will target the
export market but also seek to boost domestic supply to drive
Nigerian farmers still use much less fertilizer than their
global and African peers due to high costs, leading to low crop
yields that forced the West African nation to spend around $6
billion on food imports annually.
The AfDB financed the building of a Indorama Fertilizer
plant via a previous loan in 2013. It went online in 2016.
(Reporting by Joe Bavier
Editing by Alison Williams)
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