The Nigeria Sovereign Funding Authority has highlighted the influence of the Presidential Fertiliser Initiative which has been instrumental in reworking the nation’s agricultural sector since its inception in 2016.
The initiative, which has saved Nigeria over N60 billion yearly by eliminating fertiliser subsidies, was the main target of a stakeholders’ roundtable held on Monday.
The occasion, themed “The Presidential Fertiliser Initiative: Crucial for Meals Safety,” introduced collectively key gamers within the trade to assessment the initiative’s achievements and chart a course for its future.
In an announcement issued on Monday, NSIA spokesperson, Joyce Onyegbula, famous that the PFI has not solely addressed long-standing inefficiencies in Nigeria’s fertiliser sector but additionally led to the resuscitation and institution of 84 mixing vegetation throughout the six geo-political zones of the nation.
This achievement has been additional complemented by the creation of over 100,000 direct and oblique jobs, and the technology of greater than $200 million in international trade financial savings.
“The PFI, below the strategic management of the NSIA, has commendably resuscitated and established 84 mixing vegetation throughout the six geo-political zones in Nigeria, accrued over USD200 million in international trade financial savings, created greater than 100,000 direct and oblique jobs, and generated annual fiscal financial savings of over N60 billion from fertiliser subsidy elimination. Up to now, the initiative has delivered 90 million luggage of regionally blended high-quality fertilizers to farmers,” the assertion mentioned.
On the occasion, the Managing Director and CEO of NSIA, Aminu Umar-Sadiq, represented by the Head of Company Planning at NSIA, Sybil Etuk, emphasised that “the PFI aligns with the authority’s mandate to strengthen the agricultural sector, uphold import substitution as a crucial lever for nationwide growth, and finally create shared worth for all stakeholders.”
Regardless of international disruptions such because the COVID-19 pandemic and the continuing Russia-Ukraine conflict, the PFI has ensured a gentle provide of fertilisers, safeguarding the nation’s agricultural productiveness.
Nevertheless, the NSIA acknowledged that international trade fluctuations proceed to pose challenges, notably within the procurement of key imported uncooked supplies, including complexity to the worth chain.
The authority’s Venture Lead, Iruansi Itoandon, praised the initiative, calling it “a shining instance of what we will obtain after we work along with a shared imaginative and prescient for our nation’s future.”
Wanting forward, the NSIA is eager on positioning the PFI for even higher influence, with discussions ongoing about transitioning the initiative to full personal sector management for its continued success.
The President, Fertiliser Producers and Suppliers Affiliation of Nigeria, Sadiq Kassim, proposed the institution of a fertiliser institute in collaboration with FEPSAN to “construct the technical and monetary capability of gamers inside the ecosystem.”