General
AfDB Approves $75m Loan for Nigeria’s Indorama
By Adedapo Adesanya
The African Development Bank (AfDB) approved a $75 million loan for Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited as part of a $1.25 billion facility arranged by the International Finance Corporation (IFC), which will enable the firm to increase its fertilizer production and develop a port terminal for exports, supporting food production and food security across regional and international markets while fostering job creation in the country.
According to a statement released on Thursday by the Acting Director of the Industrial and Trade Development Department for AfDB, Mr Ousmane Fall, its involvement aligns with strategic priorities to feed and industrialise Africa while generating significant development outcomes in Nigeria
Business Post reported last week that the financing package includes a $215.5 million loan from IFC’s account, a $94.5 million loan through the Managed Co-Lending Portfolio Program (MCPP), and $940 million in parallel loans mobilized from other development finance institutions and commercial banks, such as the AfDB, Bangkok Bank, British International Investment, Citibank, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), DZ Bank, Emerging Africa Infrastructure Fund (EAIF), Rand Merchant Bank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Export-Import Bank of India (India Exim Bank), Export-Import Bank of Korea (KEXIM), the Standard Bank Group, Standard Chartered Bank, and the United States International Development Finance Corporation (DFC).
The loan usage will 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 fertilizers worldwide.
Already, Indorama’s two operational urea fertilizer lines serve Nigeria’s domestic market, supporting the country’s agricultural sector, which accounts for a quarter of its GDP and employs about a third of its labour force. The new production line and terminal, which will help meet the growing global demand for fertilizer, are expected to create up to 8,000 direct and indirect jobs in Nigeria.
Speaking on the development, Mr Manish Mundra, Group Director for Africa, Indorama Corporation, said, “The establishment of this fertilizer plant underscores 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 the addition of this third line, Nigeria is prepared to significantly ramp up its export capacity, thereby enhancing its position as a key exporter of fertilizers 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.”
By Modupe Gbadeyanka
Contrary to reports making the rounds, the Akwa Ibom State House of Assembly is not considering passing a bill to make it a criminal offence for single ladies having romantic affairs with married men in the state.
On Monday, unconfirmed news went viral, purporting that a phantom Deputy Governor of Akwa Ibom State, Mrs Akon Etim, had sponsored a bill to ensure single ladies having sexual relationship with married men spend 10 years in prison, while the men pay a fine of N2 million.
It was claimed that the bill was to be passed by the state parliament, today, Tuesday, January 13, 2026.
Business Post reports that the Deputy Governor of Akwa Ibom State is Mrs Akon Eyakenyi, not Mrs Akon Etim.
Reacting to the reports, the chairman of the House Committee on Information, Mr Jerry Anson Otu, described the reports as “false.”
“The Akwa Ibom State House of Assembly wishes to categorically state that this report is entirely false and has no basis in fact. The Assembly has not received or considered any such bill, and the Deputy Governor has not sponsored it.
“We condemn this malicious attempt to tarnish the image of the Deputy Governor and the Assembly, and urge the public to disregard this fake news and any associated commentaries.
“The House remains committed to its constitutional role of law-making, and will not be swayed by mischievous attempts to undermine its integrity,” parts of the statement issued by the parliament stated.
By Adedapo Adesanya
Nigeria is eyeing stronger diplomatic and strategic ties when it comes to sustainable development as it participates in the 2026 edition of Abu Dhabi Sustainability Week (ADSW).
President Bola Tinubu arrived in Abu Dhabi, United Arab Emirates (UAE), on Sunday. His plane landed at the Presidential Wing of Zayed International Airport at exactly 11:30 pm local time.
He was received by Sheikh Shakhboot Nahyan Al Nahyan, UAE Minister of State for Foreign Affairs; the UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi; Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar; and members of the Nigerian diplomatic mission in Abu Dhabi.
Several other ministers, including the Minister of Budget and Planning, Mr Atiku Bagudu; the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole; and the Director-General of the National Intelligence Agency, Mr Mohammed Mohammed, welcomed President Tinubu at his hotel.
President Tinubu arrived in Abu Dhabi from Europe, where he spent part of his end-of-year break, engaging in fruitful discussions with Rwandan President Paul Kagame and French President Emmanuel Macron, according to a statement by the presidency.
The 2026 Abu Dhabi Sustainability Week, with the theme The Nexus of Next, All Systems Go, is a global platform that brings together world leaders, policymakers, investors, and experts to advance dialogue and action on sustainable development, climate action, energy transition, and inclusive economic growth.
This visit further reinforces the strong diplomatic and economic ties between Nigeria and the United Arab Emirates (UAE), while positioning Nigeria as an active contributor to global conversations on sustainable development.
By Modupe Gbadeyanka
The failure of the Independent National Electoral Commission (INEC) to account for about N55.9 billion earmarked for the purchase of some materials for the 2019 general elections has forced the Socio-Economic Rights and Accountability Project (SERAP) to file a lawsuit against the commission.
In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP asked the court for an order of mandamus to compel INEC to disclose the names of all contractors paid the sum of money.
It was claimed that the N55.9 billion was meant for the purchase of smart card readers, ballot papers, result sheets and other election materials for the 2019 general elections, which produced the late Mr Muhammadu Buhari as President for a second term in office.
SERAP is relying on the latest annual report published by the Auditor-General on September 9, 2025, to ask for the use of the funds, which is said to be missing or diverted.
The organisation argued that the electoral umpire “must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”
“INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered,” a part of the statement issued by the group stated.
“INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.
“These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law,” it further declared.
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