• Home
  • News
  • Entertainment
  • Sports
  • Politics
  • Business
  • Jobs
  • Food
  • Health
  • Classified
  • Faith
Tuesday, March 2, 2021
Everyday.NG
ADVERTISEMENT
  • Home
  • News
  • Entertainment
  • Sports
  • Politics
  • Business
  • Jobs
  • Food
  • Health
  • Classified
  • Faith
No Result
View All Result
  • Home
  • News
  • Entertainment
  • Sports
  • Politics
  • Business
  • Jobs
  • Food
  • Health
  • Classified
  • Faith
No Result
View All Result
Everyday.NG
No Result
View All Result
Home Agriculture

Not all gloomy, fertiliser price crashes, as NSIA intervenes

Admin by Admin
7 August 2017
in Agriculture
0
Not all gloomy, fertiliser price crashes, as NSIA intervenes
0
SHARES
13
VIEWS
Share on WhatsappShare on FacebookShare on Twitter

Much has been said about Nigeria’s deteriorating state of economic health, but agriculture continues to rebound as 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.

Save for the scarcity of cash, farmers would have been smiling from ear to ear; but for now, they have to make do with half loaf they have.

The Sovereign Fund’s Managing Director Uche Orji told the visiting Minister of Information and Culture, Alhaji Lai Mohammed, in Abuja: “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.

He said six other moribund fertilizer blending plants across the country are at various stages of rehabilitation and will come on board by the end of the year.

Mr. 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.

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.

“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.

“When you now look at the improvement in the type of fertilizer that you are now making available, it has helped us to increase yield from about 2 metric tonnes per hectare to 7 metric tonnes and I think in some areas up to 11. More remarkable to me is that we have been able to demystify the fertilizer conundrum,” he said.

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

The Minister observed that the interventions and the laudable efforts that the Fund is making, especially in the area of Agriculture, infrastructure and health, are ground-breaking and pledged to partner with the Fund in order to publicize its activities.

ADVERTISEMENT
Previous Post

Updated: Hoping Buhari will resign? Forget it, says Presidency

Next Post

FG inherits N12 billion property from Diezani Allison-Madueke

Admin

Admin

Next Post
FG inherits N12 billion property from Diezani Allison-Madueke

FG inherits N12 billion property from Diezani Allison-Madueke

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
UN says US bigger killer of Afghan civilians than Taliban

(Viral video) Is this frightening message for the whole world or America?

7 July 2020

Woman raped by herdsmen In Anambra dies; as viral video, incessant rape builds tension

1 July 2020

(Interview) Gideon Para-Mallam insists Presidency got it wrong on CAN, praises Kukah

11 January 2020

Scandalous video on Success school; govt sacks head-teacher as girl gets help

20 March 2019
“Devaan says,” debuts….I was deceived, what do I do?

“Devaan says,” debuts….I was deceived, what do I do?

6
Restructuring: why it won’t work here

Restructuring: why it won’t work here

3
Diary of an angry and frustrated graduate

Diary of an angry and frustrated graduate

3
Govt, Christian bodies meet over controversial school curriculum

Govt, Christian bodies meet over controversial school curriculum

2

Wicked bandits! Freed Zamfara girls say they walked on them, put sand in rice, pray but bar them

2 March 2021

Sheikh Gumi: Abducting School Students Is Lesser Evil Than Attacking and Killing

1 March 2021

Three years of UN Nurse’s captivity: Group says Nigeria in National Emergency of Human Theft

1 March 2021
(Video) Shocker: VP Osinbajo backs cryptocurrency, prefers regulation rather than ban from CBN, says it’s goose that lays the golden egg

Osinbajo to NIPSS: Nigerians are tired of think-tank, we need do-tanks

1 March 2021

Recent News

Wicked bandits! Freed Zamfara girls say they walked on them, put sand in rice, pray but bar them

2 March 2021

Sheikh Gumi: Abducting School Students Is Lesser Evil Than Attacking and Killing

1 March 2021

Three years of UN Nurse’s captivity: Group says Nigeria in National Emergency of Human Theft

1 March 2021
(Video) Shocker: VP Osinbajo backs cryptocurrency, prefers regulation rather than ban from CBN, says it’s goose that lays the golden egg

Osinbajo to NIPSS: Nigerians are tired of think-tank, we need do-tanks

1 March 2021

Contact us

Everyday.NG

Do you have information, advertisement, event, report, video, or article to share? Please reach Nigeria Everyday (www.everyday.ng) through:
Tel. +234 8022198060
WhatsApp +234 8022198060
Email: info@everyday.ng; matsilas@gmail.com.

Please note that all articles tagged ‘Opinion’ do not necessarily represent the views and opinions of Nigeria Everyday (www.everyday.ng), they are the views and position of the writer

Follow Us

Browse by Category

  • Agriculture
  • Business
  • Classified
  • Culture
  • Education
  • Entertainment
  • Faith
  • Features
  • Food
  • Health
  • Jobs
  • News
  • Obituary
  • Opinion
  • Politics
  • Social Media
  • Sports
  • Uncategorized

Recent News

Wicked bandits! Freed Zamfara girls say they walked on them, put sand in rice, pray but bar them

2 March 2021

Sheikh Gumi: Abducting School Students Is Lesser Evil Than Attacking and Killing

1 March 2021
  • Privacy Policy

© 2019 Nigeria Everyday - Truth Begets Freedom

No Result
View All Result
  • Home
  • News
  • Entertainment
  • Sports
  • Politics
  • Business
  • Jobs
  • Food
  • Health
  • Classified
  • Faith

© 2019 Nigeria Everyday - Truth Begets Freedom