After losing the battle with the American company Mosaïc, the Moroccan fertilizer giant, the OCP group won a loan agreement with Afreximbank to relaunch its mega-project in Nigeria.

As part of its mandate to facilitate the development of exports on the continent and promote intra-African trade and investment, the African Export-Import Bank (Afreximbank) has granted the Moroccan fertilizer group OCP a loan facility of $350 million over seven years to support its expansion plans in Africa.

OCP is the largest exporter of phosphate fertilizers in the United States, accounting for about 60% of imported volumes, according to FitchRatings. Africa contributed 24% of its revenues in 2019. Thus, the mega project in Nigeria consists of a multi-purpose industrial platform using Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and 1 million tons of phosphate fertilizers per year by 2025.