Grandiose Parlor

A private equity group (Emerging Capital and Notore) is about to make money out of the chaos in the Niger-Delta…”want to redirect natural gas to a more beneficial use: nitrogen fertilizer, of which natural gas is the main ingredient.”

“You cannot let this humongous asset waste away while Nigeria flares gas and imports fertilizer,” says Onajite P. Okoloko, Notore’s 41-year-old chief executive. The Delta native shakes his head as he recalls his father and uncle blaming God instead of tired soil when their maize and fruit crops wouldn’t grow for consecutive seasons. “Half of Nigeria’s economy is agriculture,” he says. And yet “70% of the country sits on arable but poorly used land. Do the math…”

Okoloko is looking to hire 1,000 locals. Having locked in a 20-year gas contract on favorable terms, Notore will produce its fertilizer at less than $100 a ton; the market price is $350 to $450. “It’s stronger and cheaper than much of what you find in the West,” says Sangudi. “An amazing opportunity.” “We want to compete internationally,” adds Okoloko. “But we have to take care of Nigeria and Africa first.”

Watch the story on Business Week: Creating Wealth out of Chaos.

Read the full text: Can Greed save Africa