About $5billion has been invested in fertilizer manufacturing during the past 3 years by the private sector in Nigeria says the Nigerian Federal Government.
About $5billion has been invested in fertilizer manufacturing during the past 3 years by the private sector in Nigeria says the Nigerian Federal Government. The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina said the two largest seed companies worldwide (Syngenta and Dupont) and other multinational seed companies have started investing in Nigeria. According to the Ministry, “banking lending to seed companies and agro-input dealers expanded from $10 million in 2012 to $53 million in 2013; while bank lending to fertilizer companies expanded from $100 million in 2012 to $500 million by 2014."As part of measures to provide equity and quasi-equity long term financing for Nigerian agribusinesses across the value chain, Adesina said his ministry has designed and launched a $100million private equity fund which is the Fund for Agricultural Financing In Nigeria (FAFIN). Speaking on the successes record in the implementation of the Growth Enhancement Scheme(GES) since 2012, he said a total of 14 million farmers have received their subsidized farm inputs for irrigation using electronic vouchers on their mobile phones to directly pay private sector input retailers. According to the Secretary of All Farmers Association of Nigeria Alhaji Garba Bichi, each farmer will have two bags of NPK, a bag of Urea fertilizer and 25kgs of subsidized rice seed.