The Nigerian Sovereign Investment Authority (NSIA), also known as the Sovereign Wealth Fund, has resuscitated 11 fertilizer blending plants across the country, which substantially brought down the price of fertilizer, ended fertilizer subsidy and ensured the availability of the commodity, The Guardian reports.
The Fund’s Managing Director Uche Orji disclosed this in Abuja last week, while receiving the Minister of Information and Culture, Alhaji Lai Mohammed, who paid a courtesy visit to the Authority. “We have delivered over 6 million bags of NPK 20:10:10 at 30 per cent below the market price without subsidy. In the process of that, we have also created over 50,000 jobs. We have rehabilitated 11 blending plants that had either been under capacity or moribund,” he said.
He said six other moribund fertilizer blending plants across the country are at various stages of rehabilitation and will come on board by the end of the year. Orji said through this intervention, the Fund has saved the government over N50 billion in subsidy this year, based on the fact that the government used to subsidise fertilizer to the tune of N6,000 per bag.