Director of PFI NPK Limited, Dr Armstrong Takang. Credit: drarmstrongtakang | Instagram
The Federal Government’s decision to approve the early procurement of fertiliser raw materials has saved Nigeria about $44m and shielded farmers from supply disruptions triggered by the ongoing conflict between the United States and Iran, according to PFI NPK Limited.
PFI NPK Limited, the implementation vehicle for the Presidential Fertiliser Initiative and a wholly owned entity of the Ministry of Finance Incorporated, disclosed this in a statement issued on Friday in Abuja.
The company said the early procurement strategy, approved by President Bola Tinubu, enabled Nigeria to secure fertiliser supplies months before fresh geopolitical tensions disrupted global shipping routes and pushed up prices of key agricultural inputs.
Speaking on the development, the Director of PFI NPK Limited, Dr Armstrong Takang, said the move insulated Nigeria from the supply shocks and rising costs currently affecting fertiliser markets across Africa and other parts of the world.
