Nigeria to Invest in Petrochemical and Fertiliser Plants

Nigeria is planning to spend $10bn of foreign investment to build ten new petrochemical and fertiliser plants, according to the Petroleum Minister Diezani Alison-Madueke.

The projects include two petrochemical plants, two fertiliser plants, five fertiliser blending plants and a methanol plant.

The plants, when operational, will have a capacity of 1.3 million tons of petrochemicals per year, and are expected to create over 200,000 direct and indirect jobs.

The projects are expected to result in a significant flow of direct foreign investment of over $10bn between 2012 and 2014, when all the plants will be operational.