In 2013, CDC loaned $40 million to IEFCL to create what will be the world’s largest urea fertilizer manufacturer. We followed that up with $100 million loan in 2018. The project will allow Nigeria, which is heavily dependent on imported fertilizer, to become self-sufficient.
The project is being financed with loans from a consortium of international finance institutions, including the International Finance Corporation and the African Development Bank.
The business will create 360 direct jobs and 250 indirect ones, as well as a further 3500 during the construction phase.
Health and safety is a top priority at the plant. Each group of workers is assigned an environmental health and safety (EHS) officer and first aider, and before every shift, workers attend an EHS briefing on the day’s tasks.
Extensive EHS training is also provided, including on defensive driving, working at height, rigging, crane operations, scaffolding, and safe use of tools. This focus meant that by the end of 2014, and with over seven million hours worked, the project had experienced zero fatalities and just one road traffic accident.
More importantly, with a growing population and limited available arable land, the project can support food security in Nigeria by bringing affordable fertilizers to the market that can boost crop productivity and land yields.
Environmental and social aspects
The company has a robust environmental and social management system, particularly regarding health and safety as evidenced by the good performance to date. CDC is working with company and other lenders to ensure that it continues to operate in accordance with international environmental and social standards.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa, West Africa
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Direct Debt
- Start date
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- April 2013
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
This is the investee company’s place of incorporation; or a fund’s jurisdiction.