The federal government has saved about N55billion ($150million) from the production of locally-blended fertilizer this year.
According to the presidency, the Presidential Fertilizer Initiative (PFI) will deliver 4 million bags of 50kg Nitrogen, Phosphorous and Potassium (NPK) fertilizer to farmers at an affordable price before the end of the year.
The PFI is being executed by the Nigeria Sovereign Investment Authority (NSIA) through a Special Purpose Vehicle that will roll out the one million tonnes of NPK Fertilizer in five batches of 200,000 metric tonnes each.
Also, the presidential aide said the 11 fertilizer blending plants in the country will be increased to 18 by the end of the year, which will in turn provide direct employment to no fewer than 50,000 Nigerians.
According to a presidential aide Mallam Shehu; “a bag of 50kg NPK fertilizer was sold at N10, 900 in Benue State. Today the same commodity is being sold at about N6, 500 in different locations across the country, while the government-approved price is N5, 500”.
Quoting the same newspaper report, Shehu stated that a bag of maize which was sold at N21, 000 last year is currently being sold at an average of N10, 000.
‘‘This is an indication that the Initiative has enhanced food security as a result of the increase in food production. There is also a reduction in food-induced inflation, while economic activities across the agriculture value chain are very impressive”, he said.