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FG, OCP of Morocco sign $1.4bn industrial project

Nigeria has signed $1.4 billion transaction agreements with the OCP of Morocco to enhance the country’s industrial base and boost agriculture sector. The agreements, five in all, were signed by the Nigerian Sovereign Investment Authority (NSIA) on behalf of Nigerian government in Benguerir, Morocco. “The agreement effectively changes the structure of the PFI with NSIA assuming a more upstream role. Also, the agreements create a path for the development of a multipurpose industrial platform to be sited in Akwa Ibom.

The deal is a $1.4 billion transaction which has the capacity to further enhance Nigeria’s industrial base while bolstering the agriculture sector,” NSIA said in a statement. Key partners to the landmark agreements included the Nigerian National Petroleum Corporation (NNPC), Nigerian Content Development and Monitoring Board (NCDMB), GACN (Gas Aggregation Company Nigeria Limited), Akwa Ibom State Government, the Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN) and Mobil Producing Nigeria (MPN).

The agreements, NSIA explained, further cement joint resolve of President Muhammadu Buhari and His Majesty, King Mohamed VI, King of Morocco to develop a multipurpose industrial platform project in Nigeria, a project of monumental significance in the quest for industrialization, food security and continental cooperation. “The Multipurpose Industrial Platform Project is a backward integration initiative, which builds on the successes of the Presidential Fertilizer Initiative (PFI) and other sovereign bilateral initiatives between Nigeria and Morocco. The project is structured to commercialize Nigeria’s vast natural gas resources and satisfy Morocco’s demand for cost-competitive Ammonia,” NSIA said. Minister of State for Petroleum, Chief Timipre Sylva, was the head of the Nigerian delegation at the ceremony.

 

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