Nigeria to Invest in Petrochemical and Fertiliser Plants

The Nigerian Government is planning to invest $20bn to build petrochemical plants, according to the country's petroleum minister, Diezani Alison-Madueke.

The investment will be used to build three fertiliser plants and five fertiliser-blending plants.

The minister said that the government will sign memorandums of understanding with oil companies for the plants in the coming weeks.

The plants are estimated to create about 300,000 jobs in the country, according to Bloomberg.

No further details were disclosed regarding the location of plants or how money for construction would be raised.