General
Indorama Gets $1.25bn Loan to Ramp up Fertilizer Production in Nigeria
By Adedapo Adesanya
Indorama Eleme Fertilizer and Chemicals Limited Nigeria has received a $1.25 billion financing package to ramp up 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 Nigeria.
The investment came from the International Finance Corporation (IFC ) alongside the African Development Bank (AfDB), Bangkok Bank, British International Investment, Citibank, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), DZ Bank, and Emerging Africa Infrastructure Fund (EAIF).
Others include 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 financing package will fund Indorama’s plans to develop a third nitrogenous urea fertilizer production line and a new shipping terminal at its operations 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.
The $1.25 billion facility 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 financing mobilized from other development finance institutions and commercial banks. Joining IFC as joint mandated lead arranger and lender is Sumitomo Mitsui Banking Corporation (SMBC), Singapore Branch.
As part of the project, Indorama will implement a greenhouse gas (GHG) emissions strategy to reduce emissions at its petrochemical complex by 32 per cent by 2026, including by significantly reducing gas flaring and other improvements. This strategy aligns with Nigeria’s pledge to eliminate routine gas flaring by 2030 under the World Bank-led Global Gas Flaring Reduction Partnership.
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.
Speaking on this, Mr Amit Lohia, Group Vice Chairman, Indorama Corporation, said, “We are grateful to our financial partners for their unwavering support and confidence. IFC has been a key partner for Indorama in Nigeria for almost two decades.
“This financing demonstrates the strong collaboration and alignment of interests between the public and private sectors to drive sustainable development and create value for all stakeholders.
“Indorama remains dedicated to playing a vital role in supporting global food security by ensuring a consistent supply of high-quality fertilizers in Africa, and beyond while contributing to Nigeria’s broader economic objectives.”
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.”
Mr Sérgio Pimenta, IFC Vice President for Africa, said, “Reliable access to high-quality fertilizer is essential for food production and food security around the world. IFC’s investment in Indorama, along with African, Asian, European, and American partners, signals our joint commitment to support the agriculture sector, Nigeria’s economy, and the expansion of Indorama, an important supplier in the global food chain.”
Ms Monika Beck, Member of DEG’s Management Board, said “Indorama is a long-term client, as DEG has been the first DFI to finance the company. This recent investment, again, underlines our trustworthy cooperation. DEG’s special contribution to this transaction lies in trainings for smallholder farmers as part of the DeveloPPP programme. IFC and DEG have been financing partners for 30 years.”
Mr Benson Adenuga, Head of Office and Coverage Director for Nigeria at British International Investment, said, “We are delighted to partner with IFC, other impact investors, and the development finance community on this project, which will boost fertilizer production in Nigeria, support food security and create jobs. Our ongoing commitment to back Indorama’s expansion will also help to elevate Nigeria’s export potential and support the diversification of its economy.”
Mr Ousmane Fall, Acting Director, Industrial and Trade Development Department at the African Development Bank (AfDB), said “The AfDB 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.”
In addition, Mr Freddy Ong, Head of Client Coverage, Singapore, Corporate, Commercial and Institutional Banking at Standard Chartered Bank, said, “We are pleased to participate in this transaction, one of the many we have been a part of during our long-standing relationship with Indorama since 1997.
“We have been proud partners to Indorama across Standard Chartered’s footprint markets and especially at Indorama Eleme Fertilizer and Chemicals Limited, where we have remained engaged since its inception.
“With this latest financing, we look forward to the successful completion of Indorama Eleme Fertilizer and Chemicals’ facility and the expansion of its urea fertilizer capacity that will help address global food security and strengthen its position as a leading supplier of essential materials in the global food ecosystem.”
General
Bill Seeking Creation of Unified Emergency Number Passes Second Reading
By Adedapo Adesanya
Nigeria’s crisis-response bill seeking to establish a single, toll-free, three-digit emergency number for nationwide use passed for second reading in the Senate this week.
Sponsored by Mr Abdulaziz Musa Yar’adua, the proposed legislation aims to replace the country’s chaotic patchwork of emergency lines with a unified code—112—that citizens can dial for police, fire, medical, rescue and other life-threatening situations.
Lawmakers said the reform is urgently needed to address delays, miscommunication and avoidable deaths linked to Nigeria’s fragmented response system amid rising insecurity.
Leading debate, Mr Yar’adua said Nigeria has outgrown the “operational disorder” caused by multiple emergency numbers in Lagos, Abuja, Ogun and other states for ambulance services, police intervention, fire incidents, domestic violence, child abuse and other crises.
He said, “This bill seeks to provide for a nationwide toll-free emergency number that will aid the implementation of a national system of reporting emergencies.
“The presence of multiple emergency numbers in Nigeria has been identified as an impediment to getting accelerated emergency response.”
Mr Yar’adua noted that the reform would bring Nigeria in line with global best practices, citing the United States, United Kingdom and India, countries where a single emergency line has improved coordination, enhanced location tracking and strengthened first responders’ efficiency.
With an estimated 90 per cent of Nigerians owning mobile phones, he said the unified number would significantly widen public access to emergency services.
Under the bill, all calls and text messages would be routed to the nearest public safety answering point or control room.
He urged the Senate to fast-track the bill’s passage, stressing the need for close collaboration with the Nigerian Communications Commission (NCC), relevant agencies and telecom operators to ensure nationwide coverage.
Senator Ali Ndume described the reform as “timely and very, very important,” warning that the absence of a reliable reporting channel has worsened Nigeria’s security vulnerabilities.
“One of the challenges we are having during this heightened insecurity is lack of proper or effective communication with the affected agencies,” Ndume said.
“If we do this, we are enhancing and contributing to solving the security challenges and other related criminalities we are facing,” he added.
Also speaking in support, Senator Mohammed Tahir Monguno said a centralised emergency number would remove barriers to citizen reporting and strengthen public involvement in security management.
He said, “Our security community is always calling on the general public to report what they see.
“There is a need for government to create an avenue where the public can report what they see without any hindrance. The bill would give strength and muscular expression to national calls for vigilance.”
The bill was referred to the Senate Committee on Communications for further legislative work and is expected to be returned for final consideration within four weeks.
General
Tinubu Swears-in Ex-CDS Christopher Musa as Defence Minister
By Modupe Gbadeyanka
The former chief of defence staff (CDS), Mr Christopher Musa, has been sworn-in as the new Minister of Defence.
The retired General of the Nigerian Army took the oath of office for his new position on Thursday in Abuja.
The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, confirmed this development in a post shared on X, formerly Twitter, today.
“General Christopher Musa takes oath of office as Nigeria’s new defence minister,” he wrote on the social media platform this afternoon.
Earlier, President Bola Tinubu thanked the Senate for confirming Mr Musa when he was screened for the post on Wednesday.
“Two days ago, I transmitted the name of General Christopher G. Musa, our immediate past Chief of Defence Staff and a fine gentleman, to the Nigerian Senate for confirmation as the Federal Minister of Defence.
“I want to commend the Nigerian Senate for its expedited confirmation of General Musa yesterday. His appointment comes at a critical juncture in our lives as a Nation,” he also posted on his personal page X on Thursday.
The former military officer is taking over from Mr Badaru Abubakar, who resigned on Sunday on health grounds.
General
Presidential Directives Helping to Remove Energy Bottlenecks—Verheijen
By Adedapo Adesanya
The Special Adviser to President Bola Tinubu on Energy, Mrs Olu Verheijen, says Presidential Directives 41 and 42 have emerged as the most transformative policy tools reshaping Nigeria’s oil and gas investment landscape in more than a decade, by helping eliminate bottlenecks.
Mrs Verheijen made this assertion while speaking at the Practical Nigerian Content Forum 2025, noting that the directives issued by her principal in May 2025, are specifically designed to eliminate rent-seeking, slash project timelines, reduce contracting costs, and restore investor confidence in the Nigerian upstream sector.
“These directives are not just policy documents; they are enforceable commitments to make Nigeria competitive again,” she declared.
She noted that before the directives were issued, Nigeria faced chronic delays in contracting cycles, which discouraged capital inflows and stalled major upstream projects.
“For years, investment stagnated because our processes were too slow and too expensive. Presidential Directives 41 and 42 are removing those bottlenecks once and for all,” she said.
According to her, the directives have already begun to shift investor sentiment, unlocking billions of dollars in new commitments from international oil companies.
“We are seeing unprecedented investment inflows. Shell, Chevron and others are returning with confidence because they can now see credible timelines and competitive project economics,” Verheijen said.
Speaking on the link between streamlined contracting and local content development, she stressed that the directives were crafted to reinforce, not weaken, Nigerian participation.
“Local content is not an obstacle; it is a catalyst. It helps us meet national objectives, contain costs, and deliver projects faster when applied correctly,” she explained.
Mrs Verheijen highlighted that the directives complement the government’s data-driven approach to refining local content requirements while ensuring Nigerian talent and enterprises remain central to new investments.
“Our goal is to empower Nigerian companies with opportunities that are commercially sound and globally competitive,” she said.
She pointed to the current spike in industry activity, over 60 active drilling rigs, as evidence that the directives are driving real operational change.
“We have moved from rhetoric to results. These directives have triggered a new cycle of upstream development,” she said.
The energy expert added that the reforms are critical to achieving Nigeria’s production ambition of 3 million barrels of oil and 10 billion standard cubic feet (bscf) of gas per day by 2030.
“To meet these targets, we need speed, efficiency, and collaboration across the value chain. The directives are the foundation for that,” she noted.
She also linked the directives to Nigeria’s broader regional ambitions, including its leadership role in the African Energy Bank.
“With a $100 million facility now launched, we are ensuring that investment translates into jobs, technology transfer, and long-term value for Nigeria,” she said.
Mrs Verheijen concluded by urging the industry to uphold the spirit and letter of the presidential instructions.
“These directives are a collective responsibility. Government, operators, financiers, and host communities must work together to deliver the Nigeria we envision,” she said. “We remain committed to ensuring Nigeria remains Africa’s premier investment destination,” she said.
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