Nigeria, April 18 -- The Nigeria Sovereign Investment Authority (NSIA) has announced it will exit the Presidential Fertiliser Initiative (PFI) this year, following an eight-year intervention that grew the number of fertiliser blending plants from just four in 2017 to 90 this year.

The Managing Director and Chief Executive Officer of the Authority, Aminu Umar-Sadiq disclosed this at the NSIA's 2024 Earnings Presentation and media engagement on Wednesday.

The PFI was established to provide affordable, high-quality fertiliser to Nigerian farmers and revive the local blending industry by sourcing over 60 per cent of raw materials locally and producing at domestic blending plants.

This new development shows a shift in the federal government...