Expansion: Notore earmarks US$1billion to build new plant
On March 28, 2012 · In Finance

By Daniel Eteghe
Managing Director of Notore, Mr. Onajite Paul Okoloko, has said the company has earmarked about US$1billion to build its new plant in Onne, Rivers State, in order to meet up with the rate of consumption of fertilizers across the country.

Speaking during an interactive session with newsmen at the Browns Cafe in Victoria Island, Lagos, Mr. Okoloko pointed out that Nigerians consume about one million metric tons of fertilizers yearly, adding that it could even rise up to three and a half million metric tons if the market demand goes higher.

Okoloko further noted that the need to expand was driven by the company’s determination to meet the demand of Nigerians, pointing out that presently, the company can only produce about 500,000 metric tons of fertilizers annually.

“Our plant can presently produce about 500,000 metric tons of fertilizers and because we cannot meet the demand of Nigerians, we are expanding to meet up with their demand,” he affirmed.

The CEO added that the expansion that the company was doing now was with its own funds in bringing new products into the market but stressed that in building the new plant, the company would go to the stock exchange market. He said: “We will be in the stock exchange market, the plan is that by the end of this year, we would have completed the plant and by the first quarter of next year, we will be in the market.”

“We are expanding with our own funds but in building a brand new plant, we will go to the market. It will cost us about US$1billion to build our new plant. We are definitely planning to build a bigger plant but I can’t tell you the capacity but it is going to be larger than those ones that we have and it is going to be in our Onne office,” he affirmed.

Also speaking, Group Chief Technical Officer of Notore, Mr. Charles Odita noted that Notore was poised to create the habit of using fertilizers amongst Nigerian farmers by making it affordable to them.

View the original article here

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.