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The Federal Government says it will be reducing the price of Nitrogen, Phosphorus and Potassium (NPK) fertilizer to ₦5,000 per bag. The new price regime comes into effect following the signing of a deal with the Moroccan government to import fertilizer from that country.

Minister of Agriculture, Audu Ogbeh, disclosed this while speaking to journalists in Abuja on Tuesday. He said that the aim of the new arrangement was to make crop production easier for farmers and improve profit margins for their produce. According to the minister, the first shipment of fertilizer from Morocco would be taken delivery of in Lagos on January 27. The product would then be blended locally, before being distributed to farmers at the reduced price.

NPK currently sells for between ₦7,500 and ₦9,000 per bag.

The Federal Government had in December 2016 signed several bilateral agreements with the Morocco, including one for the supply of fertilizer to Nigeria. The importation of fertilizers from Morocco is to be facilitated through a collaboration of the Dangote Group and the OCP Group.

The OCP Group is a Moroccan based producer of phosphate and phosphate derivatives.

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This article was first published on 25th January 2017

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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