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EAIF Commits Additional US$30M to Support Indorama’s Expansion with Third Urea Plant in Nigeria

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The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has committed a US$30 million senior debt facility to Indorama, a leading producer and exporter of fertiliser.

The investment enables the construction of a new plant, port terminal, handling stations, and storage facilities in Nigeria, providing a major boost for the country’s agricultural sector, which is a crucial driver of the country and region’s economic growth.

EAIF acted as a co-lender within a broader debt financing package arranged by the International Finance Corporation (IFC), mobilising US$1.25 billion from a syndicate of impact investors, development finance solutions, and commercial banks.

EAIF’s investment increases the Fund’s lending to the company to $111 million, reflecting a joint-ambition to accelerate Indorama’s growth strategy and Nigeria’s aspirations for diversification and industrialisation.

The new funding unlocks fresh capital to enable the construction of a dedicated port terminal and state-of-the-art urea fertiliser plant, anticipating an increase in its current capacity from 2.8 million metric tons to 4.2 million metric tons per annum.

The expansion leverages the company’s strategic location as a freight-competitive supplier serving the needs of significant urea markets in the southern Atlantic, including Brazil, Argentina and Uruguay, as well as West Africa, South Africa and the USA.

The facility bolsters Indorama’s capacity, extending its complex beyond the current two urea fertiliser plants, which is well poised to meet the entire demand of the Nigerian market.

The third urea plant aims to maximise output to meet the food demands of growing populations as disruptions precipitated by the COVID-19 pandemic and the Russia-Ukraine crisis affect food security around the globe.

Global crop production is reliant on the international supply of fertiliser. The landmark project is expected to position Nigeria, Africa’s largest economy, as a leading producer of urea among the top 10 producers worldwide.

Contributing to the UN Sustainable Development Goals 8 and 9 on Decent Work and Economic Growth, and Industry, Innovation, and Infrastructure, EAIF’s loan forms part of the Private Infrastructure Development Group (PIDG) objective for new infrastructure to drive action on climate and nature.

The construction of the port terminal and third plant is set to begin in 2024, with commercial operations expected to commence in 2026. During the construction phase, it is estimated that over 500 jobs will be generated, further contributing to economic development in Nigeria and beyond.

Commenting on the transaction, Olivia Carballo, Managing Director, Emerging Market, Fixed Income at Ninety One, the fund manager of the EAIF, said: “Our continued support for Indorama demonstrates EAIF’s commitment to harnessing the region’s significant economic prospects.

Africa’s potential for industrialisation is tremendous, and this landmark project is a testament to Nigeria’s enhanced ability to produce and export competitively priced, high-quality fertiliser to farmers in regional and international markets, which will remain a priority for years to come.”

Munish Jindal, CEO, Indorama, said: “Indorama will utilise state-of-the-art technology and adhere to stringent environmental standards to ensure optimal efficiency, product quality and sustainability.

We believe that the establishment of this fertiliser will position Nigeria as a key player in the global agricultural market. We are committed to maximising the potential of this project to benefit farmers, communities, and stakeholders across the value chain.

The involvement of esteemed lenders like the Emerging Africa Infrastructure Fund will not only help Nigeria’s in becoming one of the largest exporter of the fertilisers in the region but will also address the issues of global food security. We extend our sincere appreciation to all our partners, lenders, and stakeholders for their unwavering support and dedication to our shared vision.”

Sérgio Pimenta, IFC Vice President for Africa, said: “Reliable access to high quality fertiliser 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.”


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NigComSat-1R, Nigeria’s Only Satellite to Expire this Year

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NigComSat-1R, a Nigerian geostationary communications satellite will outlive its usefulness this year, meaning that the satellite will expire anytime now.

NigComSat-1R, Nigeria’s Only Satellite to Expire this Year

NigComSat-1R was launched by China Great Wall Industry Corporation (CGWIC) for Nigeria on December 19, 2011, as a replacement for the failed NigComSat-1.

NigComSat-1 which was put in the orbit in May 2007, was de-orbited in November 2008 following the development of power fault.

It was replaced with NigComSat-1R by the same company and has a lifespan of 15 years.

Positioned at 42.5°E, it provides C, Ku, Ka, and L-band services across Africa, Europe, and parts of Asia for broadcasting and internet.

Should the satellite fail, support for television broadcasting, internet connectivity, and secure communications for government and private sectors, may be affected.

The satellite is currently been controlled from China since 2019 following technical issues with the Abuja control station.

NigComSat-1R is currently the only active communications satellite managed by NIGCOMSAT Limited, though it operates alongside other Nigerian observation satellites.

 

 


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Banks, Offices to Close for Thursday and Friday for Eid-el-Fitr

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Federal government has declared Thursday, March 19, and Friday, March 20, as public holidays to mark this year’s Eid-ul-Fitr celebration.

Banks, Offices to Close for Thursday and Friday for Eid-el-Fitr

Consequently, banks, schools and offices nationwide will be shut for the two days.

The declaration was made by Olubunmi Tunji-Ojo, minister of Interior, on behalf of the government, according to a statement issued on Tuesday, by Magdalene Ajani, permanent secretary of the ministry.

Eid-el-Fitr, meaning ‘festival of breaking the fast,’ is one of the most important feasts in Islam.

The festival marks the end of Ramadan, a sacred month of fasting, prayer, and spiritual reflection observed by Muslims worldwide.

During Ramadan, Muslims fast from dawn to sunset, abstaining from food, drink, and other physical needs as an act of devotion to Allah.

Eid-el-Fitr is a time of joy and gratitude, beginning with a special congregational prayer at mosques and open prayer grounds.

It is also marked by feasting, gift-giving, and charitable acts, particularly the giving of Zakat al-Fitr, a mandatory charity given to the less privileged before the Eid prayer.

Congratulating Muslim faithful on the successful completion of Ramadan, Tunji-Ojo urged them to sustain the virtues of love, generosity, peace, tolerance, and sacrifice imbibed during the period.

He also called on Nigerians to use the festive season to pray for the peace, unity, and continued development of the country.

The minister further encouraged citizens to celebrate responsibly and extend acts of kindness to the less privileged, in line with the spirit of the season.

He reiterated the Federal Government’s commitment to promoting national unity and peaceful coexistence among all Nigerians.


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New Horizons Nigeria Expands Digital Access with New Retail Centre in Akute

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Residents of Akute and surrounding communities now have direct access to world-class technology training following the launch of a new retail center by New Horizons Nigeria.

New Horizons Nigeria Expands Digital Access with New Retail Centre in Akute

Mr. Tim Akano

The newly commissioned center, strategically located in Akute, is expected to serve learners and professionals across Alagbado, Ajuwon, Matogun, Lambe, Ojodu-Berger, Isheri, Giwa, Iju-Ishaga, Ishasi, and Oke-Aro.

This initiative has brought internationally recognized ICT training closer to thousands of young people and working adults. For years, distance and accessibility have limited many aspiring tech professionals from enrolling in structured, global-standard programs. With this expansion, residents no longer need to travel long distances to acquire in-demand digital skills.

New Horizons Nigeria, widely recognized as Africa’s largest ICT training organization, continues to strengthen its footprint in Nigeria’s digital education sector.

In 2025, the institution received the prestigious Best ICT Training Company award from CompTIA in South Africa. This further reinforce its leadership position within the continent’s technology training ecosystem.

As a franchise of New Horizons International, which operates in over 90 countries across six continents, the organization has consistently aligned with global best practices while addressing local capacity gaps.

The organization currently provides ICT training services to more than 30 universities and nearly 200 high schools nationwide.

The center would be used for the training of high-end technical courses like Cyber Security, Web Development, Artificial intelligence, Full Stack, Graphics and CompTIA courses like Hardware, Network and Security Plus.

New Horizons trains over 100,000 students yearly across 27 universities and 150 secondary schools, as well as corporate organizations, government agencies and retail offices.

Students trained by New Horizons Nigeria are always well-sought after in the labour market after graduation and the certificate they obtain are recognized in all the 90 countries where New Horizons have offices.

Speaking on the broader vision behind the expansion, the Founder and Chief Executive Officer, Mr. Tim Akano, emphasized that the future of the nation’s economy depends largely on accessible and practical tech education.

He noted that in today’s digital economy, virtually 100 percent of jobs require some level of IT skill, regardless of one’s field of study. From finance and healthcare to agriculture, media, engineering and public administration, technology now drives productivity and competitiveness.

He further stated that IT has evolved from being a specialized field to becoming a foundational requirement for career growth and wealth creation. Acquiring digital skills, he stressed, remains one of the most strategic pathways to higher earning potential and long-term financial stability.

Furthermore, he stated that young Nigerians considering relocation abroad need to prioritize acquiring IT skills before traveling.

He asserted that obtaining internationally relevant technology training outside Nigeria is significantly more expensive than enrolling locally.

By gaining these skills locally, individuals position themselves for better opportunities overseas. Rather than struggling to survive in low-paying or unrelated jobs, they can compete as skilled professionals in global labour markets.

Also, holding a globally recognized certifications from New Horizons Nigeria gives candidates a competitive edge, and enhances their credibility and employability abroad.

As of January 2026, New Horizons Nigeria and its CEO have collectively received over 320 national, continental, and international awards, making them one of the most decorated institutions and individuals in Nigeria’s technology, entrepreneurship, and youth empowerment space.

The launch of the Akute retail center signals more than physical expansion; it represents a deliberate effort to democratize access to technology education at the grassroots level. With increasing demand for skills in cybersecurity, cloud computing, artificial intelligence, software development, and digital business solutions, the new center is positioned to become a hub for digital transformation within Ogun State and its border communities.


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