Against the backdrop of a directive by President Muhammadu Buhari to undertake an overhaul of the Presidential Fertiliser Initiative, the Nigerian Sovereign Investment Authority saddled with the task, taking up the gauntlet, has recently gone to work, writes Emmanuel Addeh
It is said that the Nigerian fertiliser industry has a blending capacity of four million tons of Nitrogen, Phosphorus and Potassium (NPK) annually and two million tons of production capacity for urea, with the capacity to employ over 250,000 people in both direct and indirect jobs across the country.
However, before the implementation of the Presidential Fertiliser Initiative (PFI), only 10 per cent of the production capacities of the blending plants in operation across the country were being utilised.
NSIA, Uche Orji
Unlike in advanced nations where some level of inflation is tolerable to stimulate economic activities, Nigeria’s inflationary trend is detrimental to its growth due to structural deficiency, logistic problems, and insecurity among others. Many of the factors that have fuelled Nigeria’s rising inflation are not showing any signs of receding in the short term. Combined with a revenue problem, the need for government to boost local food production spurred the implementation of the Presidential Fertiliser Initiative (PFI). FEMI ADEKOYA writes on progress made thus far.
To conserve foreign exchange, the Central Bank of Nigeria (CBN) placed some products on restriction, while urging many businesses to embrace import substitution.
NSIA, Uche Orji Unlike in advanced nations where some level of inflation is tolerable to stimulate economic activities, Nigeria’s inflationary trend is detrimental to its growth due to structural deficiency, logistic problems, and insecurity among others. Many of the factors that have fuelled Nigeria’s rising inflation are not showing any signs of receding in the short term. Combined with a revenue problem, the need for government to boost local food production spurred the implementation of the Presidential Fertiliser Initiative (PFI). FEMI ADEKOYA writes on progress made thus far. To conserve foreign exchange, the Central Bank of Nigeria (CBN) placed some products on restriction, while urging many businesses to embrace import substitution.
Nigeria Sovereign Wealth Authority reports 343% revenue jump
The organisation provided first stabilisation support of $150 million from the Stabilisation Fund to the Nigerian Government.
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Nigerian Sovereign Investment Authority (NSIA) said it posted N160.06 billion for 2020, translating to an increase of 343 per cent, largely driven by a significant rise in foreign exchange gains as well as investments in international capital markets.
Managing Director Uche Orji told a virtual conference on Tuesday that the last financial year was marked by impressive results, following the execution of strategic infrastructure investment schemes.
Core income leapt to N109 billion, up from the N33.07 billion recorded in the previous year, while foreign exchange gains stood at N51 billion.
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High-level visit to Nigeria signals strength and importance to UK-Nigeria partnership
Mr Duddridge was accompanied by the UK Prime Minister’s Special Envoy for Girls’ Education and Trade Envoy to Nigeria, Helen Grant MP.
During the 4-day visit, the Mr. Duddridge and Ms. Grant covered a wide range of issues, including human rights, girls’ education, and electoral reform. They discussed how the UK can work in partnership with Nigeria to address insecurity; and how to support economic development and mutual prosperity as the world builds back better from COVID-19.
In Abuja, Minister Duddridge met Chief of Staff to President Buhari, Professor Ibrahim Gambari, Senate President Ahmed Lawan, Foreign Minister Geoffrey Onyeama, the Governors of Kaduna and Jigawa, ECOWAS President Jean-Claude Brou, leading civil society organisations and members of the international community. Ms Grant also met the Minister of Education.