Presidential initiative to produce 1m tonnes of NPK in 2018

The Presidential Fertiliser Initiative (PFI) has planned to produce one million metric tonnes of NPK in 2018, the President of Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN), Mr. Thomas Etuh, has said. Mr. Etuh said this at a meeting of FEPSAN registered distributors with Unity Bank of Nigeria Plc on access to finance. Etuh […]

The Presidential Fertiliser Initiative (PFI) has planned to produce one million metric tonnes of NPK in 2018, the President of Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN), Mr. Thomas Etuh, has said.

Mr. Etuh said this at a meeting of FEPSAN registered distributors with Unity Bank of Nigeria Plc on access to finance.

Etuh explained that in 2017 the PFI produced 500,000 metric tonnes of NPK 20-10-10, while FEPSAN registered distributors were able to purchase about 60 per cent of fertilisers from blending plants participating in the programme at the price of N5, 000 per 50kg which they sold to farmers at N5, 500 across the country.

He, therefore, assured Nigerian farmers that there would be adequate supply of fertiliser this year. “Very soon, off-take will commence and we look forward to the distributors to ensure smooth delivery of the product to the farming communities at a better performance rate than last year.

“In the course of the PFI implementation in 2017, FEPSAN identified access to adequate finance by distributors to have been one of the major impediments to their business growth development and expansion. It is in view to ameliorating this challenges that FEPSAN took a bold step to ensure that registered distributors have access to finance so that they can purchase more fertiliser to meet the needs of the farmers and to invest in their businesses to expand their retail networks to the rural areas close to the farmers.

“In this regard, FEPSAN sought partnership with some commercial banks, and about three banks have agreed to partner with PFI to extend their funding facilities to the blending plants, logistic services providers and registered distributors. Unity Bank which is one of the banks in the meeting would interact with the distributors on what they have in the offing for the distributors,” Etuh explained, noting that the importance of distributors could not be overemphasised in the development of the fertiliser market, as well as for increased agricultural productivity.

Earlier in his goodwill message, the General Manager of Unity Bank, Bona Okhaimo, said the bank was committed to the growth and development of the agricultural sector.

Okhaimo said the partnership sought to give fertiliser distributors access to affordable credit so as to boost their business activities.