AGS NEWS – The African Development Bank has inked a $75 million loan pact with Nigeria’s Indorama Eleme Fertiliser and Chemicals Limited, as per a statement on the bank’s website Thursday.

The loan aims to boost Indorama’s fertiliser production capacity and construct a port terminal for exports, facilitating food production, security, and job creation in Nigeria.

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The expansion will include a new urea fertiliser production line and shipping terminal at Indorama’s Port Harcourt facilities, projected to create up to 8,000 jobs.

Ousmane Fall from AfDB praised the partnership, aligning with the bank’s goals to bolster Africa’s food security and industrialisation.

Indorama’s Manish Mundra emphasized the significance of the fertiliser plant in Nigeria’s industrial and economic growth.

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The loan, a segment of a $1.25 billion package arranged by IFC, involves contributions from various institutions including AfDB and commercial banks.