Firm floats $1bn fertiliser plant

In its bid to tackle hunger and unemployment in Nigeria, a Rivers-based Nigerian company has floated a $1bn fertiliser plant in Ilorin, Kwara State, to boost food production in the country and also engage youths.

In an interview with our correspondent in Port Harcourt on Wednesday, the Managing Director of Henry Spencer Group, Mr Henry Stephen, said his firm was diversifying into the agricultural sector to bridge the gap of inadequate fertilisers for farmers that is causing poor food production.

Stephen pointed out that due to the challenge of paucity of funds in the country, it partnered with an international company to ensure a hitch free construction.

He said, “Presently we are into marine, oil and gas services, but we are diversifying into soil nutrients production which is generally regarded as fertiliser production to help the local farmers because they are suffering. Our findings show that our soils nutrients are depreciating; so we want to revitalise our soils.

“So, we want to engender a change, not just to produce NPK 12 12 or NPK 10 10, but we want to create the desire of the soil through our collaboration with different universities and research centres.”

Stating why the project was cited in Kwara State, Stephen said the company chose the location due to its proximity to raw materials and to farmers.

He said, “In the course of doing that, we want to create employment for youths from the streets which we are presently doing in Port Harcourt.

“The two determining factors that necessitated the citing of this plant in Ilorin are one, it is closer to raw materials and the second reason is because the agricultural base of Nigeria is in the Middle Belt.”

Stephen disclosed that the plant which was projected to absorb over 1,000 staff would gulp $1bn.