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The new partnership between Ithmar Capital, Morocco's Sovereign Wealth Fund, and Nigeria's Sovereign Investment Authority will support the pipeline and the development projects in the region
Morocco and Nigeria announced that they will jointly develop a new regional pipeline connecting the two countries in order to bring resources from West Africa into Morocco, then onward to its neighbours and further into Europe.
The Trans-African Pipeline is designed to support the creation and growth of industrial hubs in order to attract foreign investment into the regions. The initial plans for the project are designed to facilitate the expansion of a number of other sectors around the pipeline including food processing and industry in order to improve the competitive of exports, particularly in West Africa.
Nigeria's Minister of Foreign Affairs, Dr Geoffrey Onyema, said that “This South-South open platform will accelerate the structural transformation of the national economies of the region, thereby putting the entire region on a higher growth path. The two Heads of State agreed to set up a Bilateral Coordination Body to monitor this important project and commended such a strategic cooperation in Africa.”
Ithmar Capital and the Nigeria Sovereign Investment Authority announced the signing of both a Strategic Partnership Agreement (SPA) and a Memorandum of Understanding (MOU) on 5 December. These agreements formalised the two countries cooperation on bilateral investment for the first time in recent history.