Sovereign wealth fund resuscitates 11 fertilizer blending firms
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.