By Folasade Akpan
Abuja, March 15, 2021 The African Export-Import Bank (Afreximbank), has announced the signing of a seven-year 350 million dollar Term Loan Facility to provide financing to OCP Group of Morocco.
The bank made the announcement in a statement it issued in Cairo, Egypt on Monday, adding that the financing was to support the group’s expansion plans across Africa.
Prof. Benedict Oramah, the bank’s President said the partnership was in fulfilment of its mandate of facilitating export development in the continent and promoting intra-African trade and investments.
Oramah was quoted as saying that the Afacility had symbolic value, as it marked the beginning of a productive and close relationship between Afreximbank and OCP group.
Afreximbank signs $350m facility for OCP Nigerian, others expansion punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
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The Nigeria Sovereign Investment Authority (NSIA), OCP and key operators in the oil and gas value chain have executed five
crucial agreements at the Mohamed VI Polytechnic University (UM6P) in Benguerir,
Morocco.
The agreements are designed to create a clear path for the second phase of the
Presidential Fertiliser Initiate as well as the creation and operationalisation of a
Multipurpose Industrial Platform (MPI) in Nigeria.
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
A statement issued on Wednesday in Abuja by Mr Titilope Olubiyi, Communications Officer, Nigeria Sovereign Investment Authority (NSIA) said the agreement was signed in Benguerir, Morocco.
The agreement was between the NSIA, OCP, Akwa Ibom State Government, Nigerian National Petroleum Corporation (NNPC), Gas Aggregation Company Nigeria Limited (GACN), Nigerian Content Development and Monitoring Board (NCDMB) and Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN).
According to the statement, the project is structured to commercialise Nigeria’s vast natural gas resources and satisfy Morocco’s demand for cost-competitive ammonia.
The agreements are designed to create a clear path for the second phase of the Presidential Fertiliser Initiative (PFI) and the creation and operationalisation of a Multipurpose Industrial Platform (MPI) in Nigeria.
Nigeria s Sovereign Investment Fund, OCP Morocco seal $1 4bn deal to build ammonia plant in Akwa Ibom State naija247news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naija247news.com Daily Mail and Mail on Sunday newspapers.