The Federal Government has sealed a deal with the OCP Group of Morocco to establish the second phase of the Nigerian Presidential Fertilizer Initiative (PFI).
The Federal Government and the OCP Group of Morocco have sealed agreements to boost fertiliser production for Nigerian farmers.
This was disclosed in a statement on Tuesday titled ‘NSIA, OCP Group seal pact to boost fertiliser production for Nigerian farmers’.
The agreement was signed at the University Mohamed VI Polytechnic in Morocco by OCP Africa and the Nigerian delegation led by the Minister of Petroleum Resources, Mr Timipre Sylva.
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The business visit was a follow up to the industrial project which was officially launched in June 2018 following the success of the first phase of the Presidential Fertilizer Initiative supported by OCP.
The agreement would oversee the development of a versatile industrial platform that will produce 750,000 tons of ammonia and one million tons of phosphate fertilizers annually by 2025.
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It added that the OCP Group, through the agreement, affirmed its commitment to the growth of sustainable and inclusive agriculture in Nigeria.
It also reaffirmed the OCP and the Nigeria Sovereign Investment Authority’s unwavering support for agricultural development initiatives in Nigeria.
The statement said a shareholders’ agreement was also signed between OCP Africa and the NSIA for the creation of a Joint Venture Company.
Also, during the visit, a Memorandum of Understanding between OCP Africa, the Nigerian National Petroleum Corporation (NNPC), and NSIA was sealed. This is to assess the opportunity of an equity investment by the NNPC in the JVC and for its support on gas.
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