The Presidential Fertilizer Initiative will achieve the following
1. Stimulate local production of NPK Fertilizer by resuscitating moribund fertilizer plants, and reviving the local blending Fertilizer industry
2. Make Fertilizer available to Nigerian farmers at affordable prices and in time for the 2017 wet season farming,
3. Result in projected savings of US$200 million in foreign exchange, and ₦60 billion in budgetary provisions for Fertilizer subsidy.
4. Enhance food security as a result of the expected increase in food production
5. Reduce food-induced inflation and stimulation of economic activities across the agriculture value chain
6. Create thousands of direct and indirect jobs
The Presidential Fertilizer Initiative is being executed by the Nigeria Sovereign Investment Authority (NSIA) through a Special Purpose Vehicle that will roll out the one million tonnes of NPK Fertilizer in 5 batches of 200,000 metric tonnes each.
Production of the first batch is expected to be completed by the end of March.
And the fertilizer will be sold at N5,500.