Nigeria: Emerging Africa Infrastructure Fund in fertiliser deal
Nigeria: Emerging Africa Infrastructure Fund in fertiliser deal
The EAIF, managed by Ninety One, has committed a $30 million senior debt facility to Indorama.
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The Emerging Africa Infrastructure Fund (EAIF), managed by Ninety One, has committed a $30 million senior debt facility to Indorama, a producer and exporter of fertiliser. The investment will enable the construction of a new plant, port terminal, handling stations, and storage facilities in Nigeria.
EAIF acted as a co-lender within a broader debt financing package arranged by the International Finance Corporation, mobilising $1.25 billion from a syndicate of impact investors, development finance solutions, and commercial banks.
The new funding unlocks fresh capital to enable the construction of a dedicated port terminal and a new urea fertiliser line that will increase Indorama’s current capacity from 2.8 million tonnes to 4.2 million tonnes.
Commenting on the transaction, Olivia Carballo, managing director for emerging market fixed income at Ninety One, said: “Our continued support for Indorama demonstrates EAIF’s commitment to harnessing the region’s significant economic prospects. Africa’s potential for industrialisation is tremendous, and this landmark project is a testament to Nigeria’s enhanced ability to produce and export competitively priced, high-quality fertiliser to farmers in regional and international markets, which will remain a priority for years to come.”
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