The Federal Government through the Nigerian Sovereign Investment Authority (NSIA) has saved $350 million (about N133 billion) via the Presidential Fertilizer Initiative.
In a statement by the NSIA on Wednesday, the savings were achieved by reducing subsidy payments and implementing import substitution.
The Authority said the presidency in November 2020 approved the restructuring of the initiative starting this year after four years of the PFI.
NSIA said the PFI has delivered 30 million bags of NPK 20:10:10 fertilizer and slashed the price from over N10,000 to under N5,500.
It added that 41 blending plants had been revived from just four earlier and that the initiative had created about 250,000 jobs in the value chain while boosting food security.
The Chairman, Implementing Committee of PFI and Jigawa State Governor, Mohammed Abubakar Badaru said, “The programme has bolstered Nigeria’s industrial base, resuscitated, and strengthened domestic production capacity for fertiliser, eliminated to the huge fertiliser subsidy burden placed on federal government, created thousands of direct and indirect jobs and alleviated the plight of the domestic farmer by ensuring availability of fertiliser.”
The Managing Director/CEO of NSIA said, “NSIA is pleased with the Government’s decision and looks forward to seeing the innovation and creativity which will characterize the open market in the sector.”