USD1.3 Billion deal: Nigeria and Morocco signs “fertilizer powerhouse” agreement

 Two African countries, Nigeria and Morocco just signed a groundbreaking agreement worth $1.3 Billion to build a regional and global fertilizer powerhouse. The agreement was announced by President Muhannadu Buhari on Thursday, March 25th, 2021. 

 According to the President, the deal which is worth USD1.3 Billion  is aimed at developing “Basic Chemicals Platform in Nigeria that will produce Ammonia and various NPK and DAP fertilisers, using Nigeria’s gas reserves.” He added that, “we are well on our way to becoming a regional and global fertiliser power house.” 

President Buhari expressed appreciation to the king of Morocco for his cooperation in this impactful agreement; “Let me also use this opportunity, on behalf of Nigerians to thank my brother and friend, His Majesty, the King of Morocco for being with us during this difficult but exciting journey. This mutually beneficial partnership between our two countries is a true example of how intra-Africa trade and partnership should work” Buhari said.

Many are of the view that the deal will serve as a major distraction to the soon to be commissioned Fertilizer built by the richest Black Billionaire, Aliko Dangote.  

However, the President addressed that in his release by stating that, “the new Plant when completed will complement the existing Dangote & Indorama Chemicals facilities which produce urea, ammonia & other industrial raw materials.” 

President Buhari also took the opportunity to recognize the contribution of the Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN) and the various people who invest in the sector over the past five years. “Today, we are seeing the fruits of their smart, long-term and patriotic investment decisions.” The President said. 

He further commended the investors for how inclusive they have been in factoring the rural areas into their investment plans. A move which will trickle down to solve security issues as highlighted by the President that, “it is important to note that peace and prosperity can only be sustained if we collectively and actively support investments that take opportunities to our rural citizens.”

 He charged other stakeholders such as, governors, bankers, investors and entrepreneurs to learn from the inclusive approach of these investors and look beyond cities when it comes to investments.

Share on facebook
Share on twitter
Share on whatsapp