President Muhammadu Buhari has revealed that Nigeria and Morocco have signed an agreement to develop a $1.3 billion Basic Chemicals Platform in Nigeria that will produce Ammonia and various NPK and DAP fertilisers, using Nigeria's gas reserves.
He stated that new plant when completed will complement the existing Dangote and Indorama Chemicals facilities which produce urea, ammonia and other industrial raw materials. These are in addition to dozens of fertilizer blending plants that has been reviewed under the Presidential Fertilizer Initiative.
He said,
"I am pleased with the partnership and support of the Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN), and the progress they have made over the past five years. Today, we are seeing the fruits of their smart, long-term and patriotic investment decisions.
"One commendable trait worth mentioning is that all of FEPSAN’s investments have been balanced between urban and rural Nigeria. These are the types of investments needed to address the unemployment and security challenges our nation is facing today."
President Buhari stressed that the nation must make special effort to ensure that Nigeria's rural areas are not neglected, saying that investments and creation of employment opportunities must strive to be inclusive.
While citing that the nation must expand it's security operations, he noted that peace and prosperity can only be sustained if we collectively and actively support investments that take opportunities to rural citizens.
According to him," I therefore urge our governors, bankers, investors and entrepreneurs to look beyond our cities when it comes to investments.
"As we have seen from Nigeria’s 5-year fertiliser revolution, if investors are willing to endure the short-term ‘start-up’ pains, they will surely benefit from long-term sustainable and substantial gains.'
In addition, President Buhari thanks His Majesty, the King of Morocco for being with them during the difficulty and exciting journey.
"This mutually beneficial partnership between our two countries is a true example of how intra-Africa trade and partnership should work," he added.
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