Fertilizer major Yara is to sell its import subsidiary and distribution business in Ivory Coast.
The move follows a company announcement in July that it had agreed to sell its majority stake in importer and distributor Yara Cameroon.
Yara said it made the decision on Ivory Coast after analysing market dynamics, regulatory environments and opportunities for growth.
Other countries on the continent offer greater potential for implementation of Yara's strategy to transform "African food systems" by 2030, the producer added.
Luis Alfredo Perez, senior vice-president of Yara Africa, cited the prioritisation of "specific crops and regional segments" for "sustainable improvement" in the productivity and profitability of sub-Saharan smallholders.
Yara Africa chief financial officer Wikus Grove said in the pursuit of securing the "necessary investments, it is imperative that we streamline our operations" and exercise prudence in allocating capital.
A "realistic and disciplined approach" is required, with a focus on key markets that can "drive bottom-line growth", Grove said.
Yara did not name the party interested in its Ivory Coast business, but said it expects the sale to be finalised by April 2024.
Separately, the producer has said it will halt production of nitrates and compound NPKs at its Montoir-de-Bretagne complex in France.
Yara's third-quarter revenues fell by 38pc on the year to $3.86bn, reflecting lower fertilizer prices. Profits totalled $2mn.
Its fertilizer deliveries to African markets rose by 19pc on the year to 294,000t in July-September.
