Despite challenges, the Nigeria Sovereign Investment Authority (NSIA) said on Monday the Presidential Fertilizer Initiative (PFI) has delivered on its mandate in its eight years of implementation.
In a PFI-NPK Stakeholders Roundtable in Abuja, the NSIA, which is the operators of the PFI reviewed its achievements in its effort to address the challenges, and explore prospects for further development in the industry.
Launched in 2016, the PFI was conceived to address challenges in Nigeria’s fertilizer sector, which had long been hampered by inefficiencies and an over-reliance on imports.
Through the strategic leadership of the NSIA, the PFI was to guarantee accessibility and availability of fertilizer as a key agricultural input in the economy to small and medium scale farmers at affordable price.
Although the issue of affordability of the commodity was a key highlight among participants in the Roundtable on Monday, discussants in panel did not agree on the subject, as some said the price was still beyond the reach of an average farmer.
A particular contributor claimed the prices for the different grades of the commodity ranged between N40,000 and N52,000 for a 50 kilogramme bag each.
Regardless, the panel commended the PFI for resuscitating and establishing 84 blending plants across the six geo-political zones in Nigeria, realising over $200 million in foreign exchange savings, creating more than 100,000 direct and indirect jobs and generating annual fiscal savings of over N60 billion from fertilizer subsidy elimination.
To date, the NSIA said the initiative delivered 90 million bags of locally blended high-quality fertilizers to farmers, adding that despite the disruption of supply chains during global events such as the COVID-19 pandemic and the Russia-Ukraine war, the initiative ensured a steady supply of fertilizers across the country.
Besides, it said the impact of foreign exchange fluctuations on key imported raw materials continued exacerbate cost pressures, adding another layer of complexity to the value chain.
Despite these challenges, the NSIA said it actively worked with its partners to ensure that the PFI continued to deliver on its mission to support Nigeria’s agricultural sector.
The Project Lead, Iruansi Itoandon described the programme as “a shining example of what we can achieve when we work together with a shared vision for our country’s future.”
He said with the next phase of the initiative approaching, the NSIA would emphasise the need to continue to strategically position the PFI to achieve maximum impact in this critical ecosystem.
The Managing Director/CEO of NSIA, Aminu Umar-Sadiq, who was represented by the Head, Corporate Planning, NSIA, Sybil Etuk, said the PFI aligned with the NSIA’s mandate to strengthen the agricultural sector, upholding import substitution as a critical lever for National development and ultimately create shared value for all stakeholders.
The President, Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN), Sadiq Kassim, proposed the collaboration between PFI and its association to establish a fertilizer institute to build the technical and financial capacity of players within the ecosystem.
“As we celebrate the PFI’s achievements in improving agricultural productivity and bolstering food security, greater inter-agency collaboration is envisioned to direct the initiative into full private sector control for its continued success and the sustained development of our country Nigeria,” he said.
