Finance minister confirms fears on potential fertiliser price hike -

Nigeria’s Finance Minister, Zainab Ahmed confirmed on Thursday a possible hike in fertiliser on the back of the ongoing Russia – Ukraine war.

BusinessDay had written reports, last week, detailing how the war in Ukraine was becoming a problem for Nigeria to access inputs for its fertiliser bleeding, especially potash which is sourced from Russia.

Speaking on the outcomes of the discussions at the spring meetings of the International Monetary Fund (IMF) and the World Bank, Ahmed said the war which is a global concern and is already affecting Nigeria’s economy in terms of food, energy and fertiliser costs as well.

She said: “The concerns are global and they are common, we are all worried about the issues in the current war against Ukraine, and the impact of that war on the global economy is causing very significant economic strain, including challenges in the terms of food.

“In the case of Nigeria, it is also affecting us in terms of inputs for our fertiliser production and of course, the biggest one is the high prices of energy.

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“You know Nigeria produces fertiliser and is now exporting fertiliser, but one of the major inputs for fertiliser, which is potash is threatened because of the war between Russia and Ukraine. So the high cost of input is driving the fertiliser high.

She however assured that the authorities are now working under the Presidential Fertiliser Initiative to see more support can be provided to the fertiliser blenders in the country to be able to moderate the prices.

She also expressed confidence that the anticipated commencement of operations by the Dangote refinery by the end of this year, would help relieve some of those pressures in energy costs.

“We are hoping that it works out that way because it will be in our interest because it means now that we can have the refined products locally as opposed to importing them, and will in turn definitely reduce the cost on the citizens.

Onyinye Nwachukwu

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.