PRESIDENTIAL FERTILIZER INITIATIVE (PFI) SET TO RECEIVE N114 BILLION INVESTMENT
Written by thereachfm on June 23, 2020
The Nigeria Sovereign Investment Authority says it is set to invest another N114 billion into the Presidential Fertilizer Initiative (PFI).
This will increase total investment in the PFI to N221 billion since 2017 when the initiative was established.
The mandate of PFI is to make high-quality fertilizer available to Nigerian farmers at the right time and at an affordable price, and to revive the ailing fertilizer blending industry so that Nigeria can achieve food security.
According to NSIA, which doubles as the PFI program operator and fund manager, N104 billion has been invested in the scheme between 2017 and 2019, while the additional N114 billion will be invested this year on items that cover raw materials, logistics, contract blending costs by 3rd party blenders among others.