Rand Merchant Bank (RMB) a division of the First Rand Group recently played a central role in providing a new medium-term debt financing in support of Indorama Fertilizer and Chemicals FZE Limited, a key client in Nigeria across the Infrastructure Sector in Nigeria.
RMB acted as Coordinator and Lead Arranger on the USD340m refinancing which was recently signed and fully underwritten by Development Financial Institutions and international commercial banks. This transaction is reflective of RMB’s deep strategic relationship with Indorama Group entities in Nigeria with the new facility providing a more competitive funding solution in line with the brownfield development of Indorama’s fertilizer operations in Nigeria. In 2025, Indorama FZE achieved its highest ever urea production at 2.7 million Metric Tonnes with capacity utilization of 103%.
Speaking on the transaction, Chidi Iwuchukwu, Executive Director and Head Investment Banking RMB Nigeria says ‘’this financing is a show of RMB’s commitment towards providing strategic advisory while also deploying its cross-border balance sheet towards supporting private sector investment across the heavy industry manufacturing segment of the domestic economy.This financing is in support of the strong non-oil export growth in Nigeria where Indorama FZE continues to play as a market leading player.’’ Indorama FZE, according to statistics from the Central Bank of Nigeria, is the largest non-oil exporter in Nigeria with over 18% market of non-oil exports in 2024. The firm continues to support domestic food production and security by providing up to 75% market share in the Nigerian market.
