President Muhammadu Buhari Thursday in Abuja said a new basic chemicals platform worth $1.3billion that will produce ammonia and fertilizers in Nigeria will be ready for commissioning in the coming months.
Speaking at an audience with Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN), President Buhari said the new plant will be built in partnership with the Kingdom of Morocco.
‘‘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, ’’ he said.
The President added that the new plant when completed would complement the existing Dangote and Indorama Chemicals facilities that 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, President Buhari expressed delight on the progress they have made over the past five years, saying 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.