The Federal Government is aiming to create 250,000 jobs as it plans to restore moribund fertilizer plants in the country.
Director General of the Nigeria Sovereign Investment Authority (Sovereign Wealth Fund) Mr. Uche Orji made this known in Benin City during a visit to moribund Edo State owned Fertilizer plant and the new fertilizer line at Okpella.
Orji said he was in the state as part of the Presidential Initiative on Fertilizer (PIF) to see how the Edo Fertilizer plant could be revived.
He noted that the purpose was to ensure that farmers in the country buy fertilizer at N5,500 before the next planting season.
“Edo is one of the investors in the SWF. We are working on the PIF to import some components of fertilizer and revive blending plants in the country. The net effect is to create jobs and for farmers to get fertilizer for as low as N5,500, he said.
President of Fertilizer Producers Association of Nigeria, Thomas Etuh, said the initiative was to encourage local blending of fertilizers with a view to create jobs and save foreign exchange.
Thomas said Nigeria will be saving $300m in foreign exchange in 2017 and $120 billion in terms of subsidy on fertilizer.
He stated that the price of fertilizer rose to N12,500 last year but will be reduced to N5,500 by February ending, Worldstage reports.