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Indorama saves Nigeria $5bn in foreign exchange

Nigeria would soon be retaining some $5 billion in foreign exchange with the exportation of two million metric tons per annum (MTPA) of Urea fertilizer by Indorama Eleme Fertilizer and Chemicals Limited’s (IEFCL) from its Train 2 fertilizer plant expected to come on stream in less than two years in Port Harcourt, Rivers State.

Currently, the company’s Train 1 plant, a 1.5 million metric tons per annum (MTPA) facility, inaugurated in 2016 is reportedly to have achieved 100 per cent capacity utilisation month-to-date (mtd), while Train 2, which is under construction is a replica of Train 1. Just last year, about one year into operation with Train 1, the company said on its website that it exported approximately 600,000 MMT of fertilizer, and would be hitting two MTPA, thereby making Nigeria a major supplier of urea fertilizer to Southern America, especially Brazil.

Manish Mundra, Indorama’s managing director said they have achieved 500,000 MT domestic supplies of fertilizer with Train 1, making them readily available to farmers across Nigeria’s 36 states. The nation’s farmers are estimated at 53,000. Nigeria’s fertilizer consumption has moved up from 250 kilo ton per acre (KTA) to 750 KTA in the first year of operation IEFCL Train 1, as the company said it made fertilizers readily available to farmers across the country.

Source: Independent