NTR - Nigeria adds new fertilizer plant bringing much needed supply to market

Nigeria is now shipping from a new 3.0mt urea plant near the commercial hub of Lagos, according to Bloomberg. According to industry research, the urea market is ~180mt annually, so the new plant adds ~1.7% to global supplies. For context, Russia is the world's largest producer of urea and produced ~8.0mt in 2019. The additional capacity is certain to be welcomed by farmers, but unlikely to offset shortages that have driven prices to record highs and boosted Mosaic (MOS), CVR Partners (UAN) and Nutrien (NTR) share prices.

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Nigeria adds new fertilizer plant, bringing much needed supply to market