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Indorama to Raise $1 Billion for Nigerian Fertilizer Production
LAGOS (Capital Markets in Africa) – Singapore-based Indorama Corp. Pte. Ltd. will raise $1 billion of debt via one of its units to build a second fertilizer line in Nigeria.
Indorama Eleme Fertilizer & Chemicals Ltd. will get $100 million from the World Bank’s investment arm, the International Finance Corp., and the rest from lenders including Standard Bank Group Ltd., Standard Chartered Plc, the European Investment Bank and the African Development Bank, according to a statement from IFC.
The money will be used to increase Indorama’s capacity of urea fertilizer to more than 2.8 million metric tons, the statement said.
“Nigeria has enormous potential to achieve agricultural self-sufficiency and food security, which is evident from the multi-fold increase in domestic fertilizer consumption after the start of Indorama’s first plant,” Manish Mundra, Indorama Africa’s chief executive officer, said in the statement. “Nigeria has also become a major hub for urea exports.”
Aliko Dangote, Africa’s richest man, is also investing in fertilizer production in Nigeria. The 61-year-old billionaire is building a plant near Lagos, the commercial capital.
Source: Bloomberg Business News