PFI to Deliver One Million MT of Fertilizers

fertilizerChemical fertilizer
  • PFI to Deliver One Million MT of Fertilizers

The volume of nitrogen, phosphorus, and potassium (NPK) fertiliser projected to be achieved between February and August through the Presidential Fertiliser Initiative is one million metric tonnes.

According to information obtained from the Federal Ministry of Agriculture and Rural Development, the fertiliser will be delivered in five batches of 200,000 metric tonnes each.

It added that production of the first batch is expected to be completed by the end of March.

According to the ministry, another 500,000 MT of NPK fertilizers will be delivered from September for dry season farming across Nigeria, adding that 20 million bags are required for packaging of the blended fertiliser.

The PFI was designed by the Fertiliser Producers and Suppliers Association of Nigeria in collaboration with the Presidency.

The government had earlier signed a fertiliser deal with the OCP, a state-owned Moroccan phosphate company for the local blending of fertilisers.

In line with the initiative, President MuhammaduBuhari had established the Presidential Committee on Fertilizer Initiative in 2016, under the supervision of the Governor of Jigawa State, Alhaji Mohammed Abubakar, and the leadership of FEPSAN.

The Central Bank of Nigeria provided the intervention fund that served as the seed capital for the PFI, and was used to open the required Letters of Credit for the suppliers of raw materials.

The ministry stated that 11 fertiliser blending plants were currently accredited under the PFI with a plan to increase them to about 20 by the end of this year.

Raw materials used by the blending plants are said to include phosphate and potash, which are imported while the locally sourced components are urea and limestone granules.

Agro-dealers and state governments are expected to buy up the finished products from the blending plants and retail to the farmers.

The President of FESPAN, Mr. Thomas Etuh, said during a monitoring tour of the fertiliser blending companies that the Federal Government would save N60bn with the initiative.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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