Revitalisation of fertiliser blending plants saves Nigeria $200 million annually – Osinbajo
Vice President Yemi Osinbajo said on Thursday that the revival of the fertilizer mixing plant annually saves the country more than $200 million in foreign currency and more than N60 billion in budgetary allocations for fertilizer subsidies.
Mr. Osinbajo stated this in Abeokuta while delivering a keynote address to the 17th Joint Planning Council and the National Development Council.
The program was tagged:”Accelerating the implementation of the Economic Recovery and Growth Plan (ERGP): the role of stakeholders.”
The Vice President noted that the current administration headed by President Muhammad Buhari is proud of the successes recorded in the agricultural sector.
He explained that the development allowed to buy fertilizers at prices 30 percent cheaper than previously available, adding that the country also imported less rice than it did today a few years ago.
The vice president said that ERGP is different from other plans introduced by previous administrations, since it contains clearly defined goals, priorities and goals.
“Indeed, I am pleased to note the partnership that some states, such as Kebbi and Lagos, have concluded to support the agricultural development and food security goal of the Economic Growth Plan (ERGP).
“I know that the National Export Promotion Committee is implementing a plan to expand exports and economic diversification in accordance with the Zero Oil Plan (ZOP) initiative.
“In the 2018 budget, in the 2018 budget, we also allocated a budget of $ 44.4 billion. USA to create special economic zones in six geopolitical zones for local production and export.
“We also pay close attention to the mining sector by strengthening the Agency for Mining Regulation. For this purpose in the budget of 2018 about 644 million have been voted.”