The Nigeria Sovereign Investment Authority (NSIA) announced on Monday that the government has saved over N60 billion by eliminating the fertiliser subsidy through the implementation of the Presidential Fertiliser Initiative (PFI) over the past eight years. The NSIA reported that the initiative has revitalized 84 blending plants across Nigeria’s six geo-political zones, resulting in over $200 million in foreign exchange savings and creating more than 100,000 jobs.
Since its launch in 2016, the PFI has delivered 90 million bags of locally blended, high-quality fertilisers to farmers. This achievement has addressed long-standing inefficiencies in Nigeria’s fertiliser sector and significantly reduced the federal government’s subsidy burden.
At the PFI Stakeholders’ Roundtable in Abuja, NSIA Managing Director Aminu Umar Sadiq highlighted the initiative’s success in stabilising the fertiliser market and ensuring access to essential inputs at fair prices, despite challenges such as global supply chain disruptions and foreign exchange fluctuations. The Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN) also stressed the importance of improved regulation and efficiency to further reduce costs and enhance the availability of fertilisers to farmers.
Credit: Businessday NG (Text Excluding Headline)