News

Nigeria to save $200m annually through Presidential Fertilizer Initiative

Nigeria to save $200m annually through Presidential Fertilizer Initiative
  • Comments   -   Tuesday, 14 March 2017 - 17:28

(Ecofin Agency) - Nigeria will save about $200 million in foreign exchange through the Presidential Fertilizer Initiative just launched by the Federal Government, according to the Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN).

Speaking while monitoring the fertilizer project in Kaduna State, Thomas Etuh, the president of FEPSAN, said the initiative is aimed at increasing production to 1 million metric tons of NPK fertilizer for the 2017 wet season farming and 500, 000 Metric tons for 2017 dry season farming.

Etuh explained that as at December 2016, the country had five fertilizer blending plants running at a 10% capacity but the plants had currently been increased to 32.

We are monitoring some of the plants of the presidential fertilizer initiative. We only import 37 percent of the inputs we don’t have in Nigeria which is urea and limestone to get fertilizer to the farmers. This is a PPP arrangement; there is no subsidy at all. We will save government in six months about N60 billion and about $200 million in forex. Thousands of jobs have been created within two months and more jobs will be created,” he said.

Let’s recall that this initiative was approved in December 2016, by President Muhammadu Buhari with the aim of reducing the dependency on imported fertilizers, amongst others.

The initiative is being implemented by the Nigerian Sovereign Investment Authority (NSIA) via a special purpose vehicle that would distribute the 1 million tonnes of fertilizer in 5 batches (200,000 metric tonnes each). The first batch is expected to be completed by the end of March.

Anita Fatunji

SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4
Starting from next month, the Federal Government of Nigeria will commence the...
Read more |  30 March 2017
Nigeria has received only one bid for a railway concession project worth...
Read more |  30 March 2017
Nigeria’s state oil company, NNPC, plans to shift its focus from mainly...
Read more |  30 March 2017
The Minister of Finance, Kemi Adeosun (photo), has announced that the Central...
Read more |  30 March 2017
Most Read | 7 days |
1 month |
1 year
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-03-23 18:34:31' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-02-28 18:34:31' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2016-03-30 18:38:13' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4, 4
listofid2=36681,36680,36679,36678,
reference=36681,36680,36679,36678,0
Nigerian Mortgage banks are struggling to survive as job losses and high...
Read more |  30 March 2017
The Central Bank of Nigeria (CBN) plans to sell N235billion ($765.99 million)...
Read more |  30 March 2017
As announced in February 2016, the European Investment Bank (EIB) has awarded...
Read more |  30 March 2017
Cros Agro Allied Ltd, a Nigerian agribusiness company, has announced plans to...
Read more |  29 March 2017
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4
Most Read | 7 days |
1 month |
1 year
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-03-23 18:34:31' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-02-28 18:34:31' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2016-03-30 18:38:13' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4, 4
Nigerian Mortgage banks are struggling to survive as job losses and high...
Read more |  30 March 2017
The Central Bank of Nigeria (CBN) plans to sell N235billion ($765.99 million)...
Read more |  30 March 2017
As announced in February 2016, the European Investment Bank (EIB) has awarded...
Read more |  30 March 2017
Cros Agro Allied Ltd, a Nigerian agribusiness company, has announced plans to...
Read more |  29 March 2017

Copyright Agence Ecofin © 2015. All Rights Reserved.