Dubai-based private equity investor Abraaj has acquired a minority stake in Nigeria-based Indorama Fertilizers, the largest urea fertilizer maker in Sub-Saharan Africa for an undisclosed amount, the company said on Thursday.
The stake was purchased from Indorama Holdings Netherlands, a wholly owned subsidiary of Indorama Corporation, a petrochemical group.
Indorama produces 1.4 million metric tonnes of fertiliser annually at a facility in the Nigerian oil hub of Port Harcourt.
Besides Nigeria, Abraaj said the plant would serve neighbouring West African countries and markets in North America, South America and Europe.
Abraaj’s head of global private equity, Mustafa Abdel-Wadood, described Indorama as “a very efficient producer” and said it was resilient to the difficulties Nigeria’s oil-dependent economy is currently going through.