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NSIA signs $1.4bn deal with Moroccan investors on Ammonia and Diammonium Phosphate

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By Emma Ujah

The Nigeria Sovereign Investment Authority (NSIA) has signed an agreement with OCP of Morocco, for the development of a $1.4 billion plant to produce Ammonia and Diammonium Phosphate, under its Gas Industrialization Strategy.

According to the authority which manages Nigeria’s Sovereign Wealth Fund, “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.

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“The project is structured to commercialize Nigeria’s vast natural gas resources and satisfy Morocco’s demand for cost-competitive Ammonia.”

The parties to the agreement included the Nigerian National Petroleum Corporation (NNPC), Nigerian Content Development & Monitoring Board (NCDMB), GACN (Gas Aggregation Company Nigeria Limited), Akwa Ibom State Government, the Fertilizer Producers & Suppliers Association of Nigeria (FEPSAN) and Mobil Producing Nigeria (MPN).

Details later…

Vanguard News Nigeria

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