The minister recalled that before PFI, each imported fertilizer bag was subsidised to the tune of N6,000 per bag.
He said in 2017, PFI saved the government N60 billion in would-be
subsidies.
“The FOREX savings in 2017 was 150 million dollars, thanks to the substitution of imported inputs of NPK with locally sourced inputs,” he said..
The minister said that limestone and urea were sourced locally while phosphate was imported on from Morocco and potash from Europe.
He said President Buhari personally negotiated a long-term bulk purchase agreement of phosphate with the King of Morocco and his team
“Recall that the agricultural sector and the country’s food production were negatively impacted in 2016, as farmers became exposed to high and rising prices for key agric inputs.
“In 2017, PFI delivered 10 million 50kg bags (500,000MT) of NPK 20:10:10 fertilizer at a price of N5,500 in time for the wet season.
“That’s down from the price of N9,000 per 50kg bag in 2016 – a 40%
reduction in price.
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“In 2018, PFI targets the delivery of 20 million 50kg bags (1 million MT), double the figure for 2017,” he said.
Speaking on other benefits of the PFI, the minister said over six million bags of fertiliser had been sold to farmers at N5,500 per bag.
“There is now a higher patronage for the country’s rail network due to movement of raw materials and finished goods.
“Also, the bag-making sector of the economy was boosted, with over 10 million packaging bags produced exclusively for PFI
“60,000 direct jobs and even higher number of indirect jobs have been created,” he said
The minister reiterated the commitment of the government to fertilizers and agricultural revolution.
