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Sovereign Fund: Eleven fertilizer firms resuscitated

Crashes fertilizer price, attaches whistleblower number on bag,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.

This was disclosed by the Managing Director, Sovereign Wealth Fund, Mr. Uche Orji disclosed this in Abuja on Monday, while receiving the Minister of Information and Culture, Alhaji Lai Mohammed, who paid a courtesy visit to the Authority.

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 subsidize fertilizer to the tune of N6,000 per bag.

He said the Fund has gone further to eliminate fertilizer subsidy and middlemen in the distribution process by putting whistle blower telephone numbers on every bag to guard against arbitrary increase in the price of the commodity.

According to a statement by the Special Assistant to the Hon Minister of Information and Culture, Mr. Segun Adeyemi, Orji said, “Six other moribund fertilizer blending plants across the country are at various stages of rehabilitation; and they would come on board by the end of the year.”

“We have delivered over 6 million bags of NPK 20:10:10 at 30% 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.

The NSIA boss said the fertilizer initiative of the Authority also

assisted the government to conserve foreign exchange through the substitution of 65% components of the fertilizer with local content.

According to him, the Fund eliminated fertilizer subsidy and middlemen in the distribution process by putting whistle blower telephone numbers on every bag to guard against arbitrary increase in the price of the commodity.

While commending the Fund for its intervention in the critical sectors of the economy, the Minister said the present administration has succeeded in breaking the jinx in fertilizer supply to farmers.

He said, “You have done three major things here. One is that you have crashed the price of fertilizer and this in itself is very significant because what we have today is that for the cost of one bag of fertilizer, you can get two bags of fertilizer.”

Alhaji Mohammed said the intervention by the Fund has also eliminated corruption and scandals in the procurement of fertilizer.

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