MIGA Backs First Float Glass Manufacturing Plant in Nigeria

MIGA Backs First Float Glass Manufacturing Plant in Nigeria
Photo source
www.miga.org

Date: 30 May 2018

Factory will help meet rapidly rising infrastructure-driven domestic demand, contribute to diversification of Nigerian economy.

MIGA, a member of the World Bank Group, has issued guarantees amounting to $71.9m in support of the construction, operation and maintenance of a float glass plant in Nigeria. The guarantees cover a loan by China Development Bank, and an equity investment and non-shareholder loan by CNG (Nigeria) Investment Ltd., respectively.

When completed, the plant will have a capacity of 500 tons per day, producing tinted glass and solar control coated glass. The factory will contribute to the development of the local glass supply chain, sourcing 80 percent of its raw materials domestically, and further supporting the development of the local network of glass distributors and traders downstream.

The project sponsor, China Glass Holdings Ltd. (CGHL), will provide technical training to local staff. CGHL is a leading flat glass producer worldwide, and the largest coated glass producer in the People's Republic of China. 

Some 80 percent of production is expected to be sold locally to meet rapidly rising domestic demand, while the balance will be exported to other countries in West Africa.

Nigeria's infrastructure development has led to high demand for float glass, however, most supply at present is through imports, and is insufficient to meet domestic needs.

"This project helps Nigeria diversify away from the oil and gas sector," said Keiko Honda, CEO and Executive Vice President of MIGA"It will also help integrate domestic and regional markets, and stimulate entrepreneurship, consequently contributing to growth and job creation."

MIGA is providing guarantees for up to 10 years against Transfer Restriction, Expropriation, and War and Civil Disturbance. The guarantees cover 90 percent ($38.7m) cover on equity, and 95 percent ($32.2m) on debt.

"MIGA's political risk insurance cover is a critical component of our overall risk management framework within Nigeria," said Cui Xiangdong, CEO of China Glass Holdings Ltd.

600450 MIGA Backs First Float Glass Manufacturing Plant in Nigeria glassonweb.com

See more news about:

Others also read

Şişecam participated in the 4th Innovative Glazing Global Virtual Summit addressing the latest trends in the glass industry.
Protect your glass with Diamon-Fusion® coating which is eco-friendly, UV-resistant, and comes with a residential lifetime warranty ensuring the surfaces are protected for years to come.
Glass for Europe calls on authorities to guarantee the uninterrupted supply of gas to glass manufacturing installations.
Register today with our Early Bird pricing to claim your spot amongst the industry’s most influential leaders and academics.
The BAU CHINA and related activities, originally scheduled to be held in Hongqiao National Exhibition and Convention Center (NECC) (Shanghai) on June 23-26, 2022 will be postponed again.
Get NGA downloadable resourses to support the use of glass and glazing materials in buildings.

Add new comment

From industry

Ctra. Estación Km. 15.8
44415 Rubielos de Mora Teruel
Spain

No. 160 Yichuan Rd.,
Jiaonan Shi
Qingdao Shi
Shandong Sheng, 266000
China

NEWS RELATED PRODUCTS

Diamon-Fusion International, Inc.
Diamon-Fusion International, Inc.