NEWS
AfDB Signs $75m Loan Agreement to Boost Indorama’s Fertilizer Production, Export Capacity
The African Development Bank (AfDB), has signed a 75 million dollar loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited.
The bank announced this in a statement issued on its website late Thursday.
According to the statement, the loan will enable Indorama to increase its fertilizer production and develop a port terminal for exports.
The statement also said that the loan would help in supporting food production and food security across regional and international markets while fostering job creation in Nigeria.
It said that the expansion would include the development of a third urea fertilizer production line and a new shipping terminal at Indorama’s facilities in Port Harcourt.
“The new production line is expected to have an annual capacity of 1.4 million metric tons of urea, one of the most widely used fertilizer worldwide.
“Indorama’s two operational urea fertilizer lines serve Nigeria’s domestic market.
“It supports the country’s agricultural sector, which accounts for a quarter of its Gross Domestic Product (GDP) and employs about a third of its labour force.
“The new production line and terminal, which will help meet growing global demand for fertilizer, is expected to create up to 8,000 direct and indirect jobs in Nigeria”, the statement said.
The statement also quoted the Acting Director of Industrial and Trade Development Department, AfDB, Ousmane Fall, as commending the partnership.
Fall said the bank was proud of its continued partnership with Indorama, the IFC, and other lenders on this critical project.
He said the partnership aligned with the bank’s strategic priorities to Feed and industrialise Africa, while generating significant development outcomes in Nigeria.
Meanwhile, Manish Mundra, Group Director for Africa, Indorama Corporation said the establishment of the fertilizer plant underscored Indorama’s unwavering commitment to Nigeria’s industrial growth, economic diversification, and leveraging its strategic geographic location.
“This landmark financing represents a pivotal moment in Nigeria’s journey towards becoming a major player in the global fertilizer market.
“With this third line, Nigeria is prepared to significantly ramp up its export capacity, thereby, enhancing its position as a key exporter of fertilizer to Africa and the world.
“Furthermore, the establishment of this fertilizer plant will not only address critical issues such as broader food security but will also stimulate agricultural growth and create employment opportunities in Nigeria,” he said.
Reports says that the AfDB’s loan follows a strategy to support investment in private sector development to promote the growth of the real sector.
The 75 million dolllars loan is part of a 1.25 billion dollars facility arranged by IFC.
The financing package includes a 215.5 million dollars loan from IFC’s own account, a 94.5 million dollars loan through the Managed Co-Lending Portfolio Programme (MCPP), and 940 million dollars in parallel loans mobilised from other development finance institutions and commercial banks.
Some of the banks include the AfDB, Bangkok Bank, British International Investment, Citibank, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), DZ Bank, Emerging Africa Infrastructure Fund (EAIF) and Rand Merchant Bank.
Others are Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Export-Import Bank of India (India Exim Bank) and Export-Import Bank of Korea (KEXIM).
The Standard Bank Group, Standard Chartered Bank, and the United States International Development Finance Corporation (DFC) are also part of the banks.(NAN)
NEWS
FCTA Moves to Curb Medical Tourism
By Laide Akinboade, Abuja
Federal capital Territory Administration (FCTA) has pledged to provide the necessary support for the successful completion and operation of the African Medical Center of Excellence, with a view to reversing medical tourism.
The FCT Minister of State, Dr. Mariya Mahmoud, made this pledge during a site tour of the state of the art facility, of African Medical Centre for Excellence, billed to be operational in early 2025.
Mahmoud noted that the partnership between the African Export-Import Bank and Kings College Hospital London to establish the 170-bed hospital was a testament to the commitment to advancing clinical care, training, and research in specialty areas such as oncology, cardiovascular services, hematology, diagnostics, and general medical services.
The minister further added; “The potential impact of this initiative in reversing medical tourism and reducing healthcare worker migration is commendable.
“I am encouraged by the prospect of over 1000 workers being employed to support the hospital’s operations.
“Therefore, I am fully committed to ensuring that the Federal Capital Territory Administration provides the necessary support for the successful establishment and operation of the African Medical Center of Excellence.
“We are happy to see, that the 6.5 hectares of land, which was donated by the Federal Capital Territory Administration, on behalf of the Federal Government of Nigeria, as part of the host country agreement, has been developed to accomodate this hospital.”
While conducting the minister round the project, the Chief Executive Officer, African Medical Center of Excellence, Mr. Brian Deaver, commended the FCT Administration for the strategic partnership.
He used the occasion to inform the minister that the management staff of the medical centre are looking forward to further contributions of the Administration to improvement in the management of non communicable diseases in the territory.
Deaver stressed that the potential benefits of the location of this hospital in Abuja is significant, just as he expressed confidence that the partnership would yield positive outcomes for the healthcare sector in the region.
NEWS
Ortom, Ode, Asemakaha Felicitates With Alia on 58th Birthday
From Attah Ede, Makurdi
Former Governor of Benue State, Chief Samuel Ortom, the incumbent Deputy Governor, Barr Sam Ode and the Managing Director and Chief Executive Officer (MD/CEO) of Benue Investment and Property Company (BIPC), Dr Raymond Asemakaha, Wednesday, extended their felicitations to the State Governor, Rev Fr.
The former governor in a statement signed by his Media Aide,Terver Akase and made available to newsmen in Makurdi, prayed God to grant Governor Alia the wisdom and health to steer the affairs of the state.
He maintained that God would grant Alia the enablement to surmount all challenges fronting his administration and wished him a memorable birthday celebration and many more years ahead.
The statement read in part: “Your Excellency, as you celebrate, I pray that God grants you wisdom, good health and strength to enable you to continue to steer the affairs of our dear state.
“Leadership comes with its numerous challenges, but I have no doubt that with God’s grace and guidance, all problems are surmountable.”
Similarly, the Deputy Governor of the State, Barr. Sam Odeh, on behalf of the State Executive Council (SEC), prayed that Governor Alia’s birthday would be a celebration of his uncommon passion for speedy transformation of the state.
“On behalf of the Benue State Executive Council, I write to warmly felicitate with Your Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia, Executive Governor of Benue State on the occasion of your 58th birthday anniversary.
“As you mark your years of existence on earth today, we heartily join your family, the good people of Benue State and the entire nation in wishing Your Excellency a very happy birthday.
“May your 58th birthday be a celebration of your positive energy and uncommon passion for speedy transformation of Benue State. As Governor of our dear state, you have, in the last one year, demonstrated pragmatic leadership with selflessness and dedication, by rendering quality service to the good people of Benue.
“Your ability to turn challenges into opportunities is truly admirable. We have every reason to celebrate you today, because your transformation drive has brought the state to national and global prominence with many laudable initiatives and partnerships that are now yielding positive results in various sectors of Benue economy.
“Happy Birthday! Your Excellency, you are truly a special gift to the state and a beacon of inspiration for us all. May your birthday mark the beginning of a new chapter filled with even greater successes and fulfillment.
“We pray that the Almighty God will continue to uphold, keep and strengthen you for His glory and to the benefit of humanity. Congratulations and happy birthday!, Ode stated”.
On his part, the MD/CEO, BIPC, Dr Raymond Asemakaha, on behalf of the management and staff of the company, said the governor had so far demonstrated visionary leadership, tireless efforts, and unwavering commitment to the transformation of Benue State.
Governor Alia’s exemplary governance and dedication to the welfare of the people are truly inspiring, stressing that this milestone birthday marks the beginning of another remarkable year filled with wisdom, good health, and unparalleled success.
NEWS
CBN Unveils Strategy to Boost Remittances
By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP).
This was disclosed in Abuja on Wednesday, by the Bank’s Acting Director of Corporate Communications, Mrs.
She said, “This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira.
“It will be recalled that the CBN Governor, Mr. Olayemi Cardoso, had recently declared: “We’ve set ourselves a target to double remittance flows into Nigeria within a year, a goal I firmly believe is within reach.
“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” she stated.
Continuing, Sidi Ali, said that the CBN viewed increasing formal remittance flows—one of the major sources of foreign exchange, accounting for over 6% of GDP—as a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.
The increase in the number of IMTOs is one of the primary actions initiated by the CBN’s remittance task force, overseen by Governor Cardoso as a collaborative unit pulling together specialists to work closely with the private sector and market operators to facilitate the ease of doing business in the remittance ecosystem in Nigeria.
The task force was established as a direct result of an executive learning session with IMTOs during the World Bank/IMF Spring Meetings held in Washington DC, United States of America, in April 2024. The task force will meet regularly to implement strategy and monitor the impact of its measures on remittance inflows.