See How Much It Cost Nigeria To Revive 11 Fertilizer Plants
You see the Buhari administration has been bullish on agriculture. There has been series of investments and interventions in the sector which has gulped billions of naira.
A significant part of that intervention was the bringing back to life of Nigeria’s hitherto dead fertilizer plants.
About 11 of those plants across the country have been revived and it cost a total amount of $100 million, about 36 billion naira.
The agency in charge, the Nigeria Sovereign Investment Authority, NSIA made the investment under the Presidential Fertilizer Initiative, PFI.
The PFI, which is an idea of President Muhammadu Buhari, is aimed at boosting farming output and reducing the economy’s dependence on oil.
Figures obtained from the NSIA showed that the fund was used to resuscitate 11 domestic fertilizer blending plants, which led to the production of eight million bags of fertilizer in the country.
The investment resulted in the creation of estimated 250,000 direct and indirect jobs for the economy.
It was gathered that under the fertilizer initiative, the NSIA maintained its role as programme manager.
Also Watch: Russia 2018: How To Use The Bounce News Livescore Feature