Nigeria's Presidential Fertilizer Initiative (PFI) faces challenges due to foreign exchange fluctuations affecting imported raw materials.

The Nigeria Sovereign Investment Authority (NSIA) attributes the rise in fertiliser prices to exchange rate fluctuations, high inflation (33.4%), and transportation costs. The Presidential Fertilizer Initiative (PFI) has supplied 90 million bags of locally blended high-quality fertiliser to farmers but faces challenges due to foreign exchange fluctuations affecting imported raw materials. The Ministry of Finance Incorporated (MoFI) plans to convert PFI into a company with a corporate structure to achieve its objectives more efficiently. The PFI has saved Nigeria over N60bn ($144m) annually through the elimination of fertiliser subsidies and generated over $200m in foreign exchange savings since its inception in 2016.

August 26, 2024
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