(Ecofin Agency) - The International Finance Corporation (IFC) granted Nigeria a $73.5 million loan to build a multi-purpose port terminal in Port Harcourt to boost fertilizer export. The $150 million port was developed through a joint-venture between Indorama Eleme Petrochemicals Ltd and Oil and Industrial Services Ltd.

The fertilizer terminal which will be able to handle up to two million tons per year of dry bulk urea exports will allow Indorama Eleme’s plant to export its fertilizer output. Explaining its involvement with the joint-venture, Eme Essien Lore, IFC country manager for Nigeria said: “IFC is committed to supporting investments in key infrastructure that will help facilitate the growth of Nigeria’s non-oil sector”

The terminal will receive an additional funding of $31.5 million from Rand Merchant Bank.

Aaron Akinocho