Russian Firm, Nigeria Agreed on Fertiliser Production

fertilizerChemical fertilizer
  • Russian Firm, Nigeria Agreed on Fertiliser Production

Uralchem, a Russian firm, on Monday signed an agreement with the Federal Government on fertiliser production in Nigeria.

According to the Chairman of the Presidential Fertiliser Initiative and Governor of Jigawa State, Mr. Abubakar Badaru, the fertiliser deal would improve food production in Nigeria at a time when the government is working hard to enhance local production.

He explained, “It is another milestone in President Buhari’s effort to increase farm production and to support farmers. As you all recall, President Putin of Russia hosted African leaders recently at a summit and our President was there.

“During one of the side meetings, the President proposed the possibility of Nigeria buying Potash from a company in Russia and today, we witnessed a culmination of that discussion, where Nigeria and Russia have signed an agreement on potash purchase by Nigeria.”

He added that the agreement would remove middlemen in fertiliser distribution and ensure fertilisers are available to farmers at affordable rates.

“What we have just witnessed will help in stabilising the price of NPK brand of fertiliser that we produce locally. The beauty of this deal is that it is a direct purchase; no commissioned agent and also because of the involvement of the two Presidents, the price is very competitive,” Badaru stated.

The Managing Director of the Nigerian Sovereign Investment Authority, Mr Uche Orji, signed on behalf of the Nigerian government while Mr Dmitry Konyeaev, a representative of Uralchem signed on behalf of the company.

Orji said more than 19 million bags of fertilisers have been blended in Nigeria since 2018 when the PFI came into effect.

Orji explained that “Between 2017 when the Presidential Fertiliser Initiative started and today, over 19 million bags of fertiliser have been blended by this programme at a price of N5, 500 and more importantly, we have revived some of the blending plants that were moribund.

“Today, as we approach the programme for 2020, 26 local blending plants, which include some of the old and new ones, have joined the programme.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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