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Morocco King, Nigerian President launch construction project
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IANS | 05 Dec, 2016
Morocco and Nigeria have launched a project for the construction of a
regional gas pipeline linking the gas resources of Nigeria and several
other west African countries to the north African monarchy.
Launching
the project on Saturday, Morocco King Mohammed VI and Nigerian
President Muhammadu Buhari also chaired the signing ceremony of 14
cooperation agreements involving the sectors of investment, training,
youth capacity-building, hydrocarbons and mining, tourism, banking,
finances, insurance and logistics.
At the beginning of the
ceremony at the Presidential Palace here, Foreign Ministers of both
countries Salaheddine Mezouar and Geoffrey Onyeama read out a joint
statement related to the project of building a gas pipeline linking
Nigeria to Morocco.
As a major project meant to boost regional
economic integration, the pipeline will be designed with the
participation of all concerned parties with the aim of speeding up
electrification projects in the whole region, serving as a basis to set
up a competitive regional market for electricity, the joint statement
said.
This is likely to be linked to the European market of
energy, to develop integrated industrial hubs in the sub-region in
sectors as industry, food-processing and fertilisers, in order to draw
foreign capital, improve the competitiveness of exports and spur local
transformation of natural resources available for national and
international markets, the statement added.
Important business opportunities will be generated by this project for manufacturers and investors, the Ministers said.
To
ensure the full success of this major project, Nigeria and Morocco
decided to join hands and cooperate closely through their respective
sovereign funds, Nigeria Sovereign Investment Authority and Ithmar Al
Mawarid (ITHMAR CAPITAL).
Director General of Ithmar Al Mawarid
(ITHMAR CAPITAL) Tarik Senhaji said this project reflects the vision of
the Morocco King for an Africa that has its destiny in hand, adding that
Africa has a strong economic potential and boasts unique opportunities
for investors.
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