(Ecofin Agency) - Nigeria's acting president, Yemi Osinbajo (photo), will on Thursday inaugurate a new $1.5 billion fertilizer plant in Port Harcourt. This aims to complement efforts by the country to boost the agriculture industry.

According to a statement from the office of the president, the new plant has an annual production capacity of 1.5 million tonnes of urea fertilizer and was constructed by Indorama Eleme Fertilizer and Chemicals Limited “Besides making fertilizer available to farmers nationwide at affordable cost, the plant will also boost crop yield for farmers,” the statement reads.

Nigeria, which entered its first recession last year, relies on crude oil sales for two-thirds of its government revenue, but these sales has been hit hard by the fall in global crude prices since mid-2014, paired with militant attacks on oil and gas facilities in the southern Niger Delta energy hub. Due to this, the government is looking to diversify the economy away from oil and focus on other sectors such as agriculture.

Anita Fatunji