The OCP, the world’s leading phosphates exporter, imputed the drop to the slide in phosphate and fertilizer prices, prompting efforts to increase production and cut costs to counter falling revenue.
The state-owned company whose exports represent a major source of foreign currency for Morocco has targeted an increase in fertilizer production to 12 million tons to become the world’s largest producer.
Recently, the OCP signed a joint-venture with Indian company Kribhco to build a new fertiliser plant in the Indian region of Andhra Pradesh.
As part of Morocco’s new diplomatic and economic offensive in Africa, the OCP signed a deal with Ethiopia to build a $3.7bn fertiliser plant.
A similar agreement was signed with Africa’s most populous country, Nigeria, to build a fertilizer production plant. The factory seeks to promote the use of agricultural inputs including access to adequate fertilizers, which is expected to improve agricultural productivity and farmers’ income.
During multiple Royal tours in Africa, the OCP has shown commitment to the development of agriculture in the continent through funding projects within the frame of win-win partnerships with African countries.