"These are the types of investment needed to address the unemployment and security challenges our nation is facing today.”
President Muhammadu Buhari on 24th March, 2021 announced that Nigeria and Morocco have signed agreement to develop Basic Chemicals Platform in Nigeria that will produce ammonia, NPK and DAP fertilizers, using Nigeria’s gas reserves. The project which will cost $1.3 billion, when completed will complement Dangote and Indorama Chemicals which already produce urea, ammonia, others.
“Nigeria and Morocco have signed an agreement to develop a $1.3 billion Basic Chemicals Platform in Nigeria that will produce Ammonia and various NPK and DAP fertilizers, using Nigeria’s gas reserves. We are well on our way to becoming a regional and global fertilizer power house.
Read also: We Didn't Ban Cryptocurrencies IN Nigeria
“The New Plant when completed will complement the existing Dangote & Indorama Chemicals facilities which produce urea, ammonia & other industrial raw materials,” the statement
He commended the efforts of the Fertilizer Producers and Suppliers Association of Nigeria, FEPSAN over the 5 years in revolutionizing fertilizer production in Nigeria. He said the investments of FEPSAN cut across the rural and urban areas of the country.
He enjoined states governors, banks and investors to take their investment to the rural areas, stressing that investments and job creation should be inclusive.
“One commendable trait worth mentioning is that all of FEPSAN’s investments have been balanced between urban and rural Nigeria. These are the types of investment needed to address the unemployment and security challenges our nation is facing today.”
He thanked the King of Morocco for partnering with Nigeria in this project. He expressed hope that project will be mutually beneficial to the two countries.
“Let me also use this opportunity, on behalf of Nigerians, to thank my brother and friend, His Majesty, the King of Morocco for being with us during this difficult but exciting journey.”