VENTURES AFRICA – Nigeria’s Elephant Group, a company with interest in cement production, oil and gas amongst others, has disclosed its intention to build a 250,000 metric ton per annum fertilizer plant, in order to facilitate Nigeria’s agricultural productivity.
With skyrocketing global food prices and energy challenges, the world is looking to Africa which is struggling with crop yield gaps due to insufficient fertilizer, to develop its agriculture, boosts production and create more and added value-chains.
The Nigerian Minister of Agriculture and Rural development, Dr. Akinwunmi Adesina has said by in the next three years, Nigeria plans to increase its agriculture gross domestic product by 20 million metric tons.
The group managing director of Elephant Group, Tunji Owoeye said the 250,000 metric pounds per annum production capacity targeted for the fertilizer plant was to significantly contribute to the local supply of Nigeria’s 3 million pounds per annum fertilizer demand.
According to a BusinessDay report, the fertilizer plant which would be instrumental in catering to the needs of Nigerian farmers, would gulp a handsome $200 million.
Also, to boost the production and milling of rice all across Nigeria, the Group has in the pipeline rice-processing machines and plants.
Elephant group, alongside Premier Seeds, Notore, amongst others, is one of the indigenous companies supplying subsidized fertilizer to poor farmers in Nigeria under the Federal Government’s Growth Enhancement Support (GES) scheme.
The Growth Enhancement Support scheme provides agricultural inputs such as seedlings, fertilizers and pesticides, to registered subsistent farmers at half the cost price.