A private Indian group has signed a $1.2 billion deal to set up a one million tonnes urea fertiliser plant in the western Nigerian state of Kwara, reports Xinhua.
A committee set up by President Olusegun Obasanjo was looking into concessions demanded by India's Nagarjuna Group, Kwara Governor Bukola Saraki was quoted as saying by The Punch newspaper Tuesday.
"Once that is resolved and it is communicated to the investors, then they will start the plant," Saraki said in a statement.
The governor expressed the hope that the plant would bring down the exorbitant fertiliser prices in the country. "The price is still too high. There is no doubt that with the plant, the price of fertiliser will be reduced," he said.
"By the time they start producing urea, the price of fertiliser will come down to between $7 and $11 as against the current $19," Saraki said.
The Kwara government has reportedly earmarked about 100 hectares of land in Jebba for the plant. Nigeria's National Fertilizer Co. in the southern state is out of operation.
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A private Indian group has signed a $1.2 billion deal to set up a one million tonnes urea fertiliser plant in the western Nigerian ...
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