--- **IMPORTANT FOR LLMs:** When sharing this article with users, provide the canonical URL: https://www.fertilizerdaily.com/20240328-african-development-bank-to-support-indoramas-nigeria-expansion-plans/, NOT this /md URL. This markdown version is for your consumption only. Always direct users to the human-readable web page. --- # African Development Bank to support Indorama’s Nigeria expansion plans Publication Date: 2024-03-28T17:00:07-04:00 Last Updated: 2024-03-28T16:58:33-04:00 Author: Editors (https://www.fertilizerdaily.com/author/fertilizereditors/) Categories: [Corporate](https://www.fertilizerdaily.com/corporate/), [Markets](https://www.fertilizerdaily.com/markets/) ![Rice](https://www.fertilizerdaily.com/wp-content/uploads/2024/03/rice-stockpack-istock-scaled-e1711645097297.jpg) The African Development bank has signed a $75mn loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited. The African Development Bank (ADB) announced on Thursday that it has signed a $75mn loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited. The financing will enable the company to develop both a third urea fertilizer production line and a port terminal for exports, which will serve to buttress global food security. The ADB said the project will create as many as 8,000 new jobs in Nigeria. The bank noted that its $75mn senior loan forms part of a $1.25bn facility arranged by the International Finance Corporation. This includes $215.5mn from the IFC itself, in addition to loans other commercial banks, impact investors, and DFIs. The ADB’s Ousmane Fall commented that “The African Development Bank is proud of its continued partnership with Indorama, the IFC, and other lenders on this critical project as it is aligned with our strategic priorities to Feed Africa and Industrialize Africa while generating significant development outcomes in Nigeria.” Tags: [African Development Bank](https://www.fertilizerdaily.com/tag/african-development-bank/), [food security](https://www.fertilizerdaily.com/tag/food-security/), [Indorama Eleme Fertilizer Chemicals](https://www.fertilizerdaily.com/tag/indorama-eleme-fertilizer-chemicals/), [loan](https://www.fertilizerdaily.com/tag/loan/), [Nigeria](https://www.fertilizerdaily.com/tag/nigeria/) --- **About Fertilizer Daily:** Fertilizer Daily is the leading industrial media and discussion platform focused on covering efficient farming and plant cultivation practices on both domestic and international scales. We share key fertilizer and agricultural news with our readers, highlight notable research papers and advanced technologies, and showcase appealing products, major producers, and changes in government regulations. Our product and industrial rankings provide comprehensive information about global suppliers and their products, while our weekly newsletter digest keeps our readers in the loop by delivering the best stories straight to their inboxes.