THE Nigeria Sovereign Investment Authority (NSIA) has revealed that Nigeria will receive 105,000 tonnes of fertilizer raw materials from Russia and Canada on June 3 and June 6, 2022.
The Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA) Uche Orji disclosed this at a press briefing in Abuja on Thursday.
He said that the Russia-Nigeria potassium trade relations have been reignited despite the Russia-Ukraine war.
According to him, the imported potassium from Russia and Canada, which is used in fertiliser production, will boost early production by farmers in the farming season.
“We have a total of 105,000 metric tonnes of potash coming into the country. Subsequently, more supplies will come from Russia because it saves us time for the vessels to come in than from Central Canada.
“Nigeria plans to buy 35,000 tonnes from Russia with a June 3 delivery date. The rest is due to come from Canada on June 6″, Orji said.
The NSIA bargains imports of raw materials such as potash used to make fertilizer in line with the Federal Government’s plan to develop local production capacity.
Russia is a primary producer of fertilizer required for agriculture, and the Russia-Ukraine war has caused a sudden shortage of the product.
Initially, Nigeria purchased stockpiles of Canadian potash after Russia was unable to supply the raw material due to Western embargoes.