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Nigeria Gets $250 million Loan from US to Boost Fertilizer Facility

By on December 14, 2012

Agric Minister, Akinwunmi Adesina

In a bid to assist Nigeria in expanding the capacity of its Agricultural sector, the United States of America has approved a loan worth $250 million through its strategic Overseas Private Investment Corporation (OPIC).

The Spokesperson for the Organization, Victoria Nuland said “I want to, before we start, just commend the OPIC Board of Diretors for approving two major projects in Africa totalling $400 million. These are actually both pretty cool. This first one is called Greenpark and it includes a $250 million loan to fund a nitrogen fertilizer facility in Nigeria”.

With the provision of the loan facility, the agricultural sector in the nation could witness a massive boost in production of key food and cash crops like cassava, rice, millet, sorghum, etc which should reduce the dependency on the importation of food.

Earlier this year President Barack Obama pledged $3billion to Africa as an aid to assist the continent in tackling the issue of Hunger and Food Security. This facility from the OPIC may reflect the resolve of the United States in assisting Nigeria and Africa on the pathway of regaining their agricultural prowess.

For Nigeria, the discovery of oil seemed to have shifted attention from agriculture to crude oil , but with the volatility of the international oil price, the President Goodluck Jonathan administration have shown more commitment to repositioning the forgotten sector.

It is expected that the loan facility if prudently and strategically employed for the building of the proposed fertilizer plant, will help in complementing the role of Notore fertilizer industry in Port Harcourt,Nigeria.