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.
“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.
Read also: For Nigeria, fertiliser availability is no problem, but price will be – Orji, NSIA CEO
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.
