Presidential Fertiliser Initiative Saves $200m, Resuscitates 84 Blending Plants

James Emejo in Abuja

The Presidential Fertilizer Initiative (PFI), a cardinal pillar of the country’s agricultural transformation drive, has helped to conserve Foreign Exchange (FX) valued at about $200 million since the initiative commenced, it was gathered yesterday.

This was disclosed at Presidential Fertilizer Initiative (PFI- NPK) Stakeholders’ Roundtable with the theme, “The Presidential Fertilizer Initiative (PFI): Imperatives for Food Security”, which was  convened by the Nigeria Sovereign Investment Authority (NSIA).

The Project Lead Coordinator, PFI, Iruansi Itoandon, said the fertilizer initiative had straightened the economy by saving over $200 million in foreign exchange, creating more than 100,000 direct and indirect jobs, and generating annual fiscal savings of over N60 billion through the elimination of fertilizer subsidies.

Under the strategic leadership of the NSIA, the PFI has successfully resuscitated and established 84 fertilizer blending plants across Nigeria’s six geo-political zones.

This achievement not only revitalised the nation’s fertilizer production capacity but also reinforced Nigeria’s commitment to self-sufficiency in agriculture.

Since its inception, the PFI has delivered 90 million bags of locally blended, high-quality fertilizers to farmers across the country.

Despite global disruptions such as the COVID-19 pandemic and the ongoing Russia-Ukraine war, the initiative has managed to ensure a steady supply of fertilizers, safeguarding Nigeria’s agricultural productivity during challenging times.

However, the programme has not been without its challenges.

Itoandon said one of the most pressing issues was the impact of FX fluctuations on the cost of key imported raw materials, which has exacerbated cost pressures throughout the fertilizer value chain.

He said the issue adds complexity to the PFI’s operations, as the initiative strives to maintain affordability for farmers while ensuring the sustainability of the program.

However, in recognition of these challenges, the NSIA had been proactive in collaborating with its partners to ensure that the PFI continues to deliver on its mission to support Nigeria’s agricultural sector.

Itoandon, said the initiative haf been “a shining example of what we can achieve when we work together with a shared vision for our country’s future”.

Managing Director/Chief Executive, NSIA, Mr. Aminu Umar-Sadiq, said as the PFI approaches its next phase, the the authority has emphasised the importance of strategically positioning the initiative to achieve maximum impact in the country’s agricultural ecosystem.

Represented at the roundtable by Head of Corporate Planning, NSIA, Sybil Etuk, he reaffirmed its commitment to the successful of the initiative.

Umar-Sadiq said, “PFI aligns with the Authority’s mandate to strengthen the agricultural sector, uphold import substitution as a critical lever for national development, and ultimately create shared value for all stakeholders.”

In addition to the NSIA’s strategic efforts, the President of the Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN), Sadiq Kassim, proposed the establishment of a fertilizer institute in collaboration with the PFI.

He said the institute would aim to build the technical and financial capacity of players within the fertilizer ecosystem, further enhancing the initiative’s impact on Nigeria’s agricultural sector.

As the country celebrates the PFI’s achievements in improving agricultural productivity and bolstering food security, stakeholders also stressed the need for greater inter-agency collaboration.

The vision is to gradually direct the initiative into full private sector control, ensuring its continued success and the sustained development of the agricultural sector.