The Federal Government plans to revive six fertilizer blending plants before 2017 ends, through the Sovereign Wealth Fund, Infrastructure Unit. The Managing Director of Nigeria Sovereign Investment Authority, Mr Uche Orji, said this on Monday in Abuja when the Information and Culture Minister, Alhaji Lai Mohammed paid him a working visit.
This he said will bring operational fertilizer blending plants to 17. Since December 2016, the Authority had delivered more than six million bags of fertilizer below market price to farmers. A bag of fertilizer which usually sell between N11,500 to N13,000 had been crashed to N5,500 per bag since January 2017.
Over 50,000 jobs had been created by “rehabilitating 11 fertiliser blending plants which were either producing below capacity or moribund’’. “The programme has saved the government more than N60bn in subsidy in 2017, as government used to subsidise fertilizer up to the tune of N6,000 per bag”. More so, “The programme has also saved the government foreign exchange through the introduction of local contents in fertilizer blending”.
The Culture and Information Minister, Lai Mohammed assured the management of the Federal Government’s commitment to rail infrastructure which would facilitate the distribution of fertilizer and its raw materials across the country.