Home
  • Register

25th Jun 2018 Source: ifc.org
IndoramaIFC $1 Billion Mobilization for Indorama Eleme Fertilizer Supports Nigeria’s Agricultural Sector and Economic Diversification
IFC, a member of the World Bank Group, today announced a new $1 billion debt financing for Indorama Eleme Fertilizer & Chemicals Limited, Nigeria (a subsidiary of Indorama Corporation), for the construction of a new fertilizer line that will expand its capacity of urea fertilizer to more than 2.8 million tons.
IFC will directly lend $100 million and mobilize an additional $850 million of loans from other developmental financial institutions and commercial banks. Another $50 million in financing will be available from IFC’s Managed Co-Lending Portfolio Program. Joining IFC as Joint Mandated Lead Arrangers (including as lenders) are European Investment Bank, YES BANK, CDC Group PLC, African Development Bank, Bank of Baroda and Standard Bank. Also supporting the financing are Standard Chartered Bank; Bangkok Bank; FMO; DEG; PIDG company, the Emerging Africa Infrastructure Fund; PROPARCO; ICICI Bank Limited; and Citibank. The large number of participating banks signals a strong endorsement of the project, Indorama, and the country by the syndicated loan market lending though a blend of IFC A and B Loans and uncovered facilities.
“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. Nigeria has also become a major hub for urea exports. With Line 2, we aim to further expand our ability to provide competitively priced and high-quality fertilizer to farmers in West Africa and across the globe. Indorama is looking forward to continue contributing to Nigeria’s economic development”, said Manish Mundra, CEO, Indorama Africa.
Sérgio Pimenta, IFC Vice President for Middle East and Africa said, “IFC aims to support Nigeria’s efforts to strengthen its manufacturing base and improve stability of its financial system through greater foreign exchange earnings from exports. With Eleme, IFC is also a partner in helping farmers in West Africa increase their food production and incomes.”
Amit Lohia, Group Vice Chairman, Indorama Corporation said, “This financing reflects our strong partnership with IFC over a span of almost three decades. We are extremely pleased to bring our financial partners to Nigeria on the back of this strong partnership.”
Significant amounts of natural gas are wasted in Nigeria due to gas flaring. According to the World Bank, over the past three years Nigeria has flared an average of 750 million cubic feet per day of associated gas. Utilization of gas for downstream chemical industries such as fertilizer helps reduce gas flaring, a contributor to greenhouse gas emissions associated with climate change.
https://www.businessghana.com/site/news/business/167446/IFC-$1-Bn-Supports-Nigeria%E2%80%99s-Agric-Sector

Twitter Fepsan

Messages to Farmers

  • Apply fertilizer wisely to avoid wastageAttend trainings on fertilizer use and application
    Early purchase of fertilizer saves money
  • Obtain quality fertilizers from reputable suppliers especially FEPSAN members
  • Store unused fertilizer away from children, fire, rain and entry of foreign material.
  • Form groups/associations to benefit from group/association dynamics.
  • Allow your crops to fully mature to get quality and values
  • Report adulterated fertilizer to the appropriate authority

Upcoming Events

  • 42nd International Phosphate Fertilizer & Sulfuric Acid Technology Conference, Date: 08 Jun 2018 - 09 Jun 2018, Venue: Sheraton Sand Key Resort, 1160 Gulf Boulevard, Clearwater Beach, FL 33767 United States Read more
  • African Green Revolution Forum 2018, Date: September 3-7, 2018, Venue: Kigaly, Rwanda Read more
  • AGRIKEXPO & NABG Conferences, 2018, Date: September 18 - 20 2018, Venue: International Conference Center, Abuja Read more
  • Argus Added Value Fertilizers Africa 2018, Date: September 18 - 20 2018, Venue : Cape Town, South Africa Read more
  • Bringing Balanced Fertilizers to Smallholder Farmers Training, Date: November 19 - 23 2018, Venue : Abuja, Nigeria Read more

Mission

To provide a platform for the stakeholders in the public and private sectors of the fertilizer industry to develop effective public private partnerships in order to ensure timely supply of adequate quantity and quality fertilizers; and to promote professional, moral and ethical practices in the industry.

Vision

Attain improved productivity and environmental sustainability of Nigerian Agriculture through balanced and judicious use of fertilizers....Attain improved productivity and environmental sustainability of Nigerian Agriculture through balanced and judicious use of fertilizer...................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Contact

2nd Floor Bank of Industry Building
18 Muhammad Buhari Way, Kaduna, Nigeria.
Mobile: +234 (803) 3174409
This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it.

2nd Floor Bank of Industry Building 
18 Muhammad Buhari Way, Kaduna, Nigeria. 
Mobile: +234 (803) 3174409...................sssss