BY BANYO TEMITAYO
THE Nigeria Sovereign Investment Authority has signed an agreement with the OCP Group of Morocco, for the development of a $1.4 billion Ammonia and Diammonium Phosphate plant.
The collaboration between the two countries is being implement under the NSIA’s Gas Industrialisation Strategy.
OCP Group had said in June last year that it was expecting a fertiliser plant in Ghana and an ammonia plant in Nigeria to be operational by 2024.
“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 NSIA said.
“The project is structured to commercialise Nigeria’s vast natural gas resources and satisfy Morocco’s demand for cost-competitive Ammonia,” it added.
The NSIA manages Nigeria’s Sovereign Wealth Fund.
Other parties involved in the agreement include the Nigerian National Petroleum Corporation, Nigerian Content Development and Monitoring Board, Gas Aggregation Company Nigeria Limited, Akwa Ibom State Government, Fertilizer Producers and Suppliers Association of Nigeria and Mobil Producing Nigeria.
