Godwin Emefiele, the Governor of the Central Bank of Nigeria, has said Nigeria produced over 35 million bags of blended fertilizer bags in the last five years.
He added that there had been a significant increase in the nation’s fertiliser blending capacity as active fertiliser blending plants grew from seven in 2015 to 48 in 2022.
Emefiele disclosed this in a chat with journalists in Lagos.
He said, “I am delighted to note that the continuous support of Mr President has resulted in a significant increase in our nation’s blending capacity from seven plants in 2015 to over 48 active fertilizer blending plants today.
“Indeed, during the past five years, over 35 million bags of blended fertilizer have been produced in Nigeria. Consequently, our import bills on fertilizer have not only declined significantly but we are also witnessing rising investment in the fertilizer industry such as the Dangote Fertiliser.”
According to the governor of the apex bank, the nation’s agricultural sector has increased its performance and contribution to Gross Domestic Product.
Emefiele added, “The agricultural sector has increased its performance and contribution to growth. The last GDP report by the National Bureau of Statistics indicated that the agricultural sector accounted for about 27 per cent of the growth is a testament to the present support to this sector.
“Let me stress that this fertilizer plant is timely when one considers the recent development in the global market where prices of fertilizers and crude oil spike by over 30 per cent following the Russian-Ukraine war.”
He stated that the nation was now self-sufficient in the production of urea and has become the leading producer on the continent. He said improving access to fertilisers in the nation will help the nation improve food security and boost the local food supply.