News Feed The Indorama Granular Urea price applicable to Registered Agro dealers for the month of August ,2022 effective from 1st August is NGN 18,000 per 50 Kg bag Ex-plant (360,000 NGN / MT ) for sales inside Nigeria. The company reserves the right to unilaterally cancel any sales order, DOs with immediate effect, and blacklist the agro dealer if Urea sold to any of the registered ago-dealers moves out of the country. Agro Dealers shall not distribute, sell, or aid in the movement of Indorama Urea outside of their own Territory as mentioned in the movement approval from the National Security Advisor ( NSA ) Indorama Powers Nigeria's Petrochemicals, Fertilizer     Nigeria: Presidential Fertilizer Committee Commends Indorama for Keying into Plan to Supply NPK at Cheaper Price to Farmers Nationwide    

About Nigeria
Micro – Economic (Agriculture) Data On Nigeria

Nigeria has a total land area of 910,768 sq km, with agriculture occupying up to 78% of the area (arable land 37.3%; permanent crops 7.4%; permanent pasture 33.3%). Forests and other developments occupy the rest of the land area at 9.5% and 12.5% respectively (2011 estimate).

The country's agricultural products fall into two main groups: food crops produced for home consumption (Corn, Rice, Beans, Sorghum, Millet, Cassava, Yams, Sesame, Plantain, Soybeans, Peanuts, Cotton, Palm oil etc.) produced for home consumption, and exports (Cocoa and Rubber). Prior to the Nigerian civil war, the country was self-sufficient in food, but increased steeply after 1973.

In 1975, Nigeria was listed among the countries to be self-sustainable by the year 2000. However, Nigeria ranks 152 out of 169 countries on the Global Human Development Index (2015). In the year 2015, Nigeria spent over 5 billion US dollars on food importation.

In 2011, the Nigerian government implemented policies to promote agriculture as a lucrative business, integrating the agricultural value chain in order to make agriculture a key driver of Nigeria's economic growth.

These policies include:
  • New fiscal incentives to encourage domestic import substitution
  • Removal of restrictions on areas of investment and maximum equity ownership in investment by foreign investors
  • No currency exchange controls – free transfer of Capital, Profits and Dividends
  • Constitutional guarantees against nationalization/expropriation of investments
  • Zero percent (0%) duty on agricultural machinery and equipment imports
  • Pioneer Tax holiday for agricultural investments
  • Duty Waivers and other industry related incentives e.g., based on use of local raw materials, export orientation

In 2015, the Nigerian government committed to putting Nigeria back on the path of self-sufficiency in food production, particularly in particular through stronger public-private partnerships. Subsequently, the Chinese government has expressed its intention to invest $15 million agricultural assistance for the establishment of 50 demonstration farms across the country.

The government office responsible for Agriculture development and transformation is currently the Federal Ministry of Agriculture and Rural Development. Primarily funded by the Federal Government, the Ministry currently superintends almost fifty parastatals operating as either key departments or agencies across the country.

Macro – Economic Data On Nigeria

Nigeria is Africa's most populous country, with more than 250 ethnic groups spanning a total population of 181,562,056 people. The most populous and politically influential of the ethnic groups are: Hausa and the Fulani 29%, Yoruba 21%, Igbo (Ibo) 18%, Ijaw 10%, Kanuri 4%, Ibibio 3.5%, Tiv 2.5%.

Located in West Africa, bordering the Gulf of Guinea, between Benin and Cameroon, Nigeria is the 32nd largest country in the world by area (total area: 923,768 sq km, land: 910,768 sq km and water: 13,000 sq km).

Often referred to as the Giant of Africa, Nigeria is Africa's largest economy and ranked as the 21st largest economy in the world based on its nominal Gross Domestic Product (GDP) of USD 492.786 billion and 20th based on its Purchasing Power Parity (PPP) of USD 1.105 trillion in 2015. Nigeria’s economic growth over the last five years has been driven by growth in agriculture, telecommunications and services.

However, economic diversification and strong growth is yet to translate into a significant reduction in poverty levels (over 62% of the population still live in extreme poverty). Nevertheless, the outlook for Nigeria is positive, owing to the plans of the present government, led by President BUHARI to stimulate investment in key sectors, increase transparency, diversify the economy away from oil, and improve fiscal management.

Economic Statistics:
  • GDP (purchasing power parity):
  • $1.105 trillion (2015 est.)
  • $1.063 trillion (2014 est.)
  • $1 trillion (2013 est.)
GDP (official exchange rate):
  • $493 billion (2015 est.)
  • GDP - real growth rate:
  • 4% (2015 est.)
  • 6.3% (2014 est.)
  • 5.4% (2013 est.)
GDP - per capita (PPP):
  • $6,400 (2015 est.)
  • $6,100 (2014 est.)
  • $5,800 (2013 est.)
Gross national saving:
  • 15.6% of GDP (2015 est.)
  • 16% of GDP (2014 est.)
  • 18.5% of GDP (2013 est.)
GDP - composition, by end use:
  • Household consumption: 74.1%
  • Government consumption: 7.7%
  • Investment in fixed capital: 16.8%
  • Investment in inventories: 0%
  • Exports of goods and services: 13%
  • Imports of goods and services: -11.6% (2015 est.)
GDP - composition, by sector of origin:
  • Agriculture: 20.3%
  • Industry: 23.6%
  • Services: 56.1% (2013 est.)
Labor Force:
  • 57.46 million (2015 est.)
Labor Force - by occupation:
  • Agriculture: 70%
  • Industry: 10%
  • Services: 20% (1999 est.)