Archive IFC Grants $73.5m Loan to Port Harcourt for Increase...

IFC Grants $73.5m Loan to Port Harcourt for Increase of Non-oil Exports


- Advertisment -

By Our Reporter

The International Finance Corporation (IFC) said it has granted a $73.5 million loan to support development of a terminal to export fertilizers at Port Harcourt, which will help increase the country’s non-oil exports.

The country relies on crude sales for around 90 percent of its foreign exchange. However, Nigeria is reeling from a plunge in oil prices and the government has said it wants to diversify Africa’s biggest economy away from oil.

The new terminal, a joint venture between Indorama Eleme Petrochemicals Limited and Oil and Industrial Services Limited, will cost $150 million in total, IFC said. It will be used to ship fertilizers from Indorama Eleme’s fertilizer plant, now under construction 16 kilometres from the terminal.

The terminal will be able to handle up to 2 million tons a year of dry bulk urea exports.

“IFC is committed to supporting investments in key infrastructure that will help facilitate the growth of Nigeria’s non-oil sector,” said Eme Essien Lore, IFC country manager for Nigeria.

The IFC is providing a $73.5 million debt package comprising $52.5 million of its own funds and a $21 million parallel loan mobilized from a commercial bank.

Rand Merchant Bank is providing an additional $31.5 million loan for the terminal.

Nigeria’s central bank ditched its 16-month old currency peg last month to allow the naira to trade freely on the interbank market but dollar liquidity has been thin, leaving the bank as the main supplier of the greenback.

The country’s need to diversify away from its reliance on crude sales has intensified in the wake of a spate of attacks on oil and gas facilities in the Niger Delta over the last few months that in spring briefly pushed oil production to 30-year lows.



Please enter your comment!
Please enter your name here

Latest news

JONAPWD-LAGOS Commends Sanwo-Olu For Restoring Disability Empowerment Fund

Kenneth Afor |  The Joint National Association of Persons Living With Dissabilities (JONAPWD ) in Lagos state has commanded Babajide...

Groups Call On Judicial Panels Of Inquiry To Dispense Justice On Victims, Survivors Of Police Brutality

Kenneth Afor | The Network on Police Reform in Nigeria (NOPRIN) and Centre for Law Enforcement Education (CLEEN Foundation) has...

COVID-19 Second Wave: FG Urged To Ban Flights From Britain, Others

By Ijeoma Ukazu | With some countries currently experiencing the spread of the new COVID-19 variant, the Health Writers’ Association...

“I am not distracted by calls for 2023 presidential race” — Yahaya Bello

Kogi state Governor Yahaya Bello has said calls for him to contest in the forthcoming 2023 presidential election is...

AfDB Provides $25m To Boost Low-Carbon Energy Generation

The African Development Bank’s Board of Directors on Monday, December 14, 2020 approved $15 million from the Sustainable Energy...

Civil Defence Receives COVID-19 Testing Equipment

The Commandant General, Nigeria Security and Civil Defence Corps, Abdulahi Gana Mohammadu on Friday in his office received Covid...

Must read

JONAPWD-LAGOS Commends Sanwo-Olu For Restoring Disability Empowerment Fund

Kenneth Afor |  The Joint National Association of Persons Living...
- Advertisement -

You might also likeRELATED
Recommended to you

%d bloggers like this: