OCP’s Nigeria, Ghana fertiliser, ammonia plants to become operational 2024

THE fertiliser and ammonia plants currently undergoing construction in Nigeria and Ghana are expected to be operational by the year 2024.

According to the company’s Chief Growth Officer, Soufiyane El Kassi, when the two plants begin operation, it would add two million tonnes to its global output capacity

He further said that the siting of the two new plants was part of the company’s resolve to drive the use of phosphates-based fertilisers in Africa.

OCP had already announced plans to start operating a 2.5-million tonnes a year fertiliser plant in Ethiopia by 2023 or 2024 with phosphoric acid supplied from Morocco, and El Kassi said its output would be for both the domestic and export markets

Like many other Moroccan firms, including banks, insurers and real estate companies, OCP has been expanding its investments in Sub-Saharan Africa in recent years, boosting the kingdom’s economic clout.

OCP, also plans blending plants in Nigeria, Ethiopia, Ghana and Rwanda to customise fertilisers to the requirements of different soils, he said.

So far, OCP, supplies 28 blending units and has offered training to help 750,000 African farmers in eight countries to increase production.

In 2019, OCP’s fertiliser exports hit 9 million tonnes, including 1.8 million tonnes to Africa or 58 per cent of total fertilisers sold on the continent.

Low international prices however incurred a 3 per cent drop in revenue to $5.5bn in 2019.

The company, had also cut production by 500,000 tonnes in the first quarter, a move which El Kassi said was to adapt to market demand.

OCP, with net debt at $4.7bn in 2019, last issued an international bond in 2015.

“Maintaining a footprint in the Eurobond market has always been part of our financing strategy,” Kassi said.

“The mobile cassava processing truck developed by Cassava Compact of TAAT can help us in addressing part of the problems associated with processing. I believe the solutions are here with us. All that is required is for us to pull together, and the private sector must truly play its role at this time”.

In the same vein, the Vice Chancellor Federal University of Agriculture, Abeokuta, Professor Felix Salako said that agriculture could be transformed through investing on cassava production and processing.

He lamented that the major products from cassava which are largely needed in Nigeria were being imported by big companies due to poor local production of the products.

“We can transform our agriculture system to a robust economic base using cassava with steady and unhindered investment for ethanol, starch and high quality cassava industries in our nation.

“Nigeria grows about 54 million metric tons of cassava per year. Cassava is a versatile commodity with numerous uses and by-products. For instance, starch companies have recently established deal to supply cassava starch to Nestle, Cadbury, Unilever, and son on.

“Unfortunately, most of them are only running at around 50 per cent (less than 50,000 tons of starch per annum). The demand for starch is expected to continue to grow at 5 per cent yearly in total demand, this puts total demand for starch at 357,000 by 2020, especially as more companies seek to establish local production lines to service the expanding Nigerian and West African market (sorbitol for toothpaste, sugar-syrups and sweeteners from starch).

“Our net imports for ethanol stands to 300 to 350 million liters per annum. We are unable to produce 30 million liters, creating gap for further national investment instead of imports.

“It is on this note that I seek your cooperation to deliberate on how best to learn from past experiences and use the cassava value chain to unlock further opportunities for millions of farmers and contribute to food security, job creation and incomes, especially for women and young people in Nigeria”, Professor Salako said.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

MONDAY LINES: Ajimobi And Abuja’s One-Way Tickets
It will remain true forever that on the day of death, there is no medicine. Bolaji Tunji, Senator Abiola Ajimobi’s spokesman, said his boss took all the precautions of these malevolent times: He washed his hands, watched his steps, wore face masks and stayed safe. Then a small plane came to pick him in Ibadan for a… Read Full Story

Over One Million Nigerians Enrolled For N-Power In 48 Hours
No fewer than one million Nigerians have so far enrolled for the N-Power programme in the last 48 hours… Read Full Story

Six-Year-Old Girl Raped To Death, Abandoned Inside Kaduna Mosque
Body of a six-year-old girl, Khadijah Ya’u allegedly raped to death by her captor(s) was found in a mosque located at New Road, Kurmi Mashi by Nnamdi Azikiwe bypass in the Kaduna North local government area of Kaduna State… Read Full Story

How To Avoid Sliding From Success To Failure
When former Central Bank of Nigeria (CBN) governor, Chukwuma Soludo, directed banks to shore up their capital base to N25 billion in 2006, Intercontinental Bank was one of those that had no problem complying. The bank had built such a solid reputation for itself that when it issued its initial public offer, it enjoyed good subscription… Read Full Story

AMCON Takes Over Assets Of Unicorn Place Over N1.3bn Debt
THE Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Ike Nwabuoku, the Chief Promoter of Unicorn Place & Leisure Services Limited over indebtedness of over N1.3billion… Read Full Story

APC NEC Meeting: Apologise, Stop Denying Your Wrong Deeds, PDP Tells Presidency
Opposition Peoples Democratic Party (PDP) has flayed the President Muhammadu Buhari administration for denying the use of the Federal Executive Council Chamber for partisan purposes like playing host to the All Progressives Congress (APC) National Executive Committee (NEC) meeting… Read Full Story

LAUTECH Resident Doctors Begin 5-Day Warning Strike Monday
The Association of Resident Doctors (ARD), Ladoke Akintola University Teaching Hospital chapter, has called on its members to embark on a five-day warning strike from Monday, June 29… Read Full Story

Buni’s Appointment Constitutional ― Giadom
Immediate past Acting Chairman of the All Progressives Congress (APC) Victor Giadom has dismissed views by some critics that the appointment of the Yobe State governor, Mai Mala Buni as Chairman, APC Caretaker/Extraordinary Convention Committee was in breach of the party’s constitution… Read Full Story

Revenue Collection: Court Fixes July 6 For Borehole Drillers Case Against Oyo Govt, Consultant
Justice Lateef Ganiyu of the Oyo State High Court sitting in Ibadan has fixed July 6, 2020, for hearing in a case filed by some aggrieved members of the Association of Water Well Drilling Rig Owners Practitioners (AWDROP) and Borehole Drilling Association of Nigeria (BODAN) against the Oyo State Government over the… Read Full Story

15 Things Effective Leaders Do With Extreme Consistency (II)
They understand that they are responsible for their success and that good luck is not something that magically happens. “Luck” is simply the result of hard work and identifying opportunities. They know that one must earn the right to be successful. Think and Grow Rich by Napoleon Hill states, “You are the master of your destiny… Read Full Story

EDITORIAL: The Killings In Akinyele
AKINYELE Local Government Area in Oyo State is fast becoming a slaughter slab for innocent citizens. In the last one month, five persons have been reportedly slain in cold blood in the area. Citizens Bello Barakat, Azeezat Shomuyiwa, Grace Oshiagwu, Mojeed Tirimisiyu and a yet to be identified young woman have all been… Read Full Story

Obafemi Awolowo And The Struggle Of The Middle Belt
A fortnight ago, a bill was proposed by Honourable Kpam Sokpo (PDP, Benue) for enshrining the Six Geopolitical Zones into law while renaming the North Central as “Middle Belt”. Knowing what we know, this bill is a rather tall order. But it raises issues that the educated public needs to understand. The peoples of the Middle Belt… Read Full Story