Sov­er­eign wealth fund re­sus­ci­tates 11 fer­til­izer blend­ing firms

Daily Trust - - NEWS - By Lat­i­fat Opoola

The Nige­rian Sov­er­eign In­vest­ment Au­thor­ity (NSIA) has re­sus­ci­tated 11 fer­til­izer blend­ing plants across the coun­try, which sub­stan­tially brought down the price of fer­til­izer.

The Fund’s Manag­ing Direc­tor Uche Orji dis­closed this in Abuja yes­ter­day, while re­ceiv­ing the Min­is­ter of In­for­ma­tion and Cul­ture, Al­haji Lai Mo­hammed, who paid a cour­tesy visit to the au­thor­ity, a state­ment by the min­is­ter’s of­fice said.

Orji told the min­is­ter, the au­thor­ity de­liv­ered over 6 mil­lion bags of NPK 20:10:10 at 30% be­low the mar­ket price with­out sub­sidy. He also stated that over 50,000 jobs were cre­ated in that process.

He told the min­is­ter six other mori­bund fer­til­izer blend­ing plants across the coun­try are at var­i­ous stages of re­ha­bil­i­ta­tion and will come on board by the end of the year.

Orji noted that fund has saved gov­ern­ment over N50 bil­lion in sub­sidy this year, based on the fact that gov­ern­ment used to sub­si­dize fer­til­izer to the tune of N6,000 per bag.

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