The International Finance Corporation (IFC), in partnership with several key investors, has committed $1.25 billion in funding for Indorama Eleme Fertilizer and Chemicals Company in Nigeria. This substantial investment is aimed at bolstering the company’s fertilizer production capabilities and expanding its export infrastructure, ultimately supporting food security both regionally and globally, while simultaneously promoting job creation within Nigeria.
The financing package will facilitate the construction of a third nitrogenous urea fertilizer production line, which will have the capacity to produce 1.4 million metric tons of urea annually, a vital component in global agricultural practices. Additionally, the funds will support the development of a new shipping terminal at Indorama’s operations in Port Harcourt, further enhancing its ability to meet international demand.
Several international financial institutions have joined IFC in providing this funding, including the African Development Bank (AfDB), Bangkok Bank, Citibank, British International Investment, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), DZ Bank, and many others from both emerging and developed economies. These partners are collectively contributing to the realization of this project, which aligns with global efforts to strengthen agricultural production.
Indorama Eleme Fertilizer, part of the Indorama Corporation, has a significant history in Nigeria. Initially owned by the Nigerian government as Eleme Petrochemicals Company Limited (EPCL), the company was privatized in 2006, with Indorama Corporation becoming the major stakeholder. Today, it operates as one of Nigeria’s leading manufacturers of fertilizers and petrochemicals, based in Port Harcourt, Rivers State.
Amit Lohia, Group Vice Chairman of Indorama Corporation, emphasized the company’s commitment to supporting global food security by ensuring a steady supply of high-quality fertilizers. He highlighted the importance of such financing in fostering sustainable development and creating value for both the public and private sectors.
Sérgio Pimenta, IFC’s Vice President for Africa, underscored the significance of the partnership, pointing out that reliable access to quality fertilizers is crucial for food production. He reaffirmed that the joint investment effort from international financial partners demonstrates a unified commitment to supporting the agriculture sector, strengthening Nigeria’s economy, and expanding Indorama’s global footprint as a key player in the global food supply chain.
