Nigeria to revive six fertilizer plants through Sovereign Wealth Fund

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The Managing Director of Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji, said on Monday that the Federal Government would revive six fertilizer blending plants before the end of the year, through the infrastructure unit of its Sovereign Wealth Fund (SWF).

Orji disclosed this when the Minister of Information and Culture, Lai Mohammed, visited him in Abuja.

He said the six plants set for revival across the country would bring the total number of operational fertilizer blending plants to 17.

He said the project was done through the Fertilizer Initiative programme of President Muhammadu Buhari’s administration.

According to him, the initiative was conceived to make the commodity available to farmers at cheaper rate.

The NSIA boss disclosed that since the inception of the programme in December 2016, the Authority had delivered more than six million bags of fertilizer below market price to farmers.

Specifically, he said a bag of fertilizer which hitherto sold between N11,500 to N13,000 had been brought down to N5,500 per bag since the beginning of the year.

He added that more than 50,000 jobs had been created by “rehabilitating 11 fertilizer blending plants which were either producing below capacity or moribund.”

“The programme has saved the government of more than N60 billion in subsidy in 2017, as government used to subsidise fertilizer up to the tune of N6,000 per bag.

“The programme has also saved the government of foreign exchange through the introduction of local contents in fertilizer blending,’’ he said.

NAN

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Joseph Afam (Local Contents and Partnership Editor) (070 3949 0464) Joseph Afam is a energy and finance journalist, who has years of experience in journalism, he started his journalism career in Nigeria’s top financial newspaper in Lagos. He’s a graduate of Economics and Finance from University of Ebonyi State, Nigeria He has won series of awards and regconitions Contact him for any editorial deals and advertorial issues on # Joseph.Afam@naija247news.com, editor@naija247news.com, Cell: 070 3949 0464

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