Nigerian Sovereign Investment Authority says domestic production of fertiliser has risen by 300 per cent under the Presidential Fertilizer Initiative which aims to transform the agriculture sector.
It said, “The programme has revived operations in a total of 31 blending plants thereby increasing domestic production capacity by nearly 300 per cent and improving the quality of fertiliser available to domestic farmers.
Prior to the agreement, the report stated, Nigeria’s fertiliser industry was in comatose, with only five blending plants operating below 10 per cent of installed capacity. NSIA stated that the PFI’s business model involved sourcing for and procurement of four constituent raw materials required for the production of NPK 20:10:10 fertiliser.
The raw materials were blended locally at accredited blending plants nationwide to produce the fertiliser for delivery at a target price of N5,500 per 50g bag .
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