Abuja: Indian firm Indorama Eleme Petrochemicals Limited has said it has firmed up plans to construct Africa’s largest fertiliser plant in Nigeria’s oil rich region.
The managing director of the firm, Manish Mundra, told a government delegation yesterday that the proposed plant would produce an estimated 1.4 million tonnes of fertiliser annually.
"The production is expected to start by the fourth quarter of 2015 and would churn out Urea, NPK and other types of fertiliser and the project would cost Indorama about USD 1.2 billion," Mundra said.
The Nigerian delegation was led by its Information Minister Labaran Maku.
Maku said the project would make Nigeria the largest petrochemical hub in Africa.
The plant is proposed to be set up in Rivers state.
The Minister lauded the company for an impressive performance and contributions to the Nigeria?s economy.
Indorama had taken over a firm from government owned Nigerian National Petroleum Corporation.
Mundra said dividends distributed by the firm included USD 229 million to the Federal Government, USD 115 million to Rivers State Government, USD 38 million to six host communities and USD 13 million to staff of the company.
After completion of the new fertiliser plant, the cumulative direct job creation capacity of the company’s investments is expected to be about 6,000 people.
First Published: Saturday, February 16, 2013, 20:20