The African Development Bank ( AfDB) says it would support fertilizer production in Nigeria with one hundred million dollars.
Mr Alhassane Haidara, Manager, Industrial Development of the bank disclosed this while briefing newsmen on the key Industrial initiatives and projects of the bank in Abidjan, on Wednesday.
He said “ we are going to finance a huge fertilizer plant for the production of Urea, Ammonia among others and we are partnering with many companies to get it done.
“ The plant will be one of the largest fertilizer plants not only in Africa but in the world.’’
He said that the production would be leveraging on the huge gas reserves in Nigeria to power the plant and in the transformation of the raw materials.
He added that the aim was to ensure that the agricultural sector in Nigeria as well as Africa was massively developed.
He noted that there were lots of interest in Nigeria to develop the agricultural sector and other sectors of the economy.
He said that the bank in 2019 is proposing projects in the petrochemical sector, which also linked with the fertilizer production.
He said that the bank had equally in 2014 supported the Dangote group with 100 million dollars for the expansion of the group’s activities on cement and petrochemical across Africa.
He said the group was able to access the bank loan based on its clean balance sheet.
“we supported the Dangote group with 100 million dollars as well, to boost its activities in cement production across African,’’ he said
Haidara said that Industrializing Africa was among the five high priority areas of the bank adding that the bank’s commitment had increased from 400 million dollars in 2000 to two billion dollars as at 2017.
He said that African industrialization still lagged behind compared to other continents in the world (NAN)