Nigeria and Morocco have signed an agreement to develop a $1.3 billion Basic Chemicals Platform in Nigeria in order to become a regional and global fertiliser power house.
This was disclosed in a statement by President Muhammedu Buhari on Thursday.
According to the statement, Buhari stated that: “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 fertilisers, using Nigeria’s gas reserves. We are well on our way to becoming a regional and global fertiliser power house.
“The new Plant when completed will complement the existing Dangote & Indorama Chemicals facilities which produce urea,ammonia & other industrial raw materials. These are in addition to dozens of fertilizer blending plants we‘ve revived under the Presidential Fertilizer Initiative.
“I am pleased with the partnership and support of the Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN), and the progress they have made over the past five years. Today, we are seeing the fruits of their smart, long-term and patriotic investment decisions.
“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 investments needed to address the unemployment and security challenges our nation is facing today.
“We must make special effort to ensure that Nigeria’s Rural areas are not neglected. Investments and the creation of employment opportunities must strive to be inclusive.
“As we continue to expand our security operations to bring an end to these challenges, it is important to note that peace and prosperity can only be sustained if we collectively and actively support investments that take opportunities to our rural citizens.
“I therefore urge our governors, bankers, investors and entrepreneurs to look beyond our cities when it comes to investments.
“As we have seen from Nigeria’s 5-year fertiliser revolution, if investors are willing to endure the short-term ‘start-up’ pains, they will surely benefit from long-term sustainable and substantial gains.”