This Day (Lagos)

Nigeria: U.S. Approves $250 Million Loan for Fertilizer Facility in Nigeria

By Tokunbo Adedoja, 13 December 2012

The Board of Directors of Overseas Private Investment Corporation (OPIC) has approved a $250 million loan to fund a nitrogen fertilizer facility in Nigeria.

OPIC is a United States Government's development finance institution that mobilizes private capital to help solve critical development challenges and its achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.

Disclosing this in Washington DC, State Department's Spokesperson, Victoria Nuland, said: "I want to, before we start, just commend the OPIC Board of Directors for approving two major projects in Africa totaling some $400 million. These are actually both pretty cool. This first one is called Greenpark and it includes a $250 million loan to fund a nitrogen fertilizer facility in Nigeria."

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