Orji: How NSIA Crashed Fertiliser Prices from N13,000 to N5,500 - Newstrends
Connect with us

Business

Orji: How NSIA Crashed Fertiliser Prices from N13,000 to N5,500

Published

on

Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji

•Says subsidy slumped from N76bn to N2bn

The Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, yesterday disclosed that the restructuring of the Presidential Fertiliser Initiative (PFI) led to a crash in fertiliser price from N13,000 to NN5,500.

Speaking at the BusinessDay Breakfast Meeting in Abuja, with the theme: “Macroeconomic Outlook, Innovation and Technology,” Orji noted that the subsidy that was hitherto paid by the federal government on the commodity had fallen from N76 billion to N2 billion.

The NSIA MD, who spoke on the need to pay more attention to how technology could be applied to all sectors of the Nigerian economy, pointed out that with the cleaning up of the system, today, Nigeria has an excess of 10 million bags of the product.

With the programme now handed over to the private sector to manage, Orji stated that any pressure it posed to the balance sheet of the NSIA has now been removed.

“In agriculture, we have done two or three things. But one of the things we have been working on and which proved controversial in some aspect for the last five years, is that the NSIA has been in charge of the presidential fertiliser initiative.

READ ALSO:

“A few key points just so that you understand the impacts of this programme. When we started the PFI programme, there were only four fertiliser plants in Nigeria. The subsidy bill that was established was N76 billion. Fertiliser was N13,000 a bag and it was scarce.

“Twelve months after this programme, fertiliser prices dropped to N5,500. We had 20 blending plants working in the country and the subsidy bill was only N2 billion.

“We have now restructured the programme and taking it off our balance sheets, put it back in the hands of the lenders, make people put bank guarantees on it and put up cash so we took pressure off the NSIA balance sheet last year,” he said.

Admitting that many people did not like the restructuring programme, Orji noted that the move had completely transformed the sector.

“The restructuring that we did, we went from a subsidy to now running a plus N5 billion profits on that programme, 52 blending plants in the country, we have 20 million bags of fertilisers , we have 10 million in inventory, excess fertiliser within the country.

“But we are now out. We’ve taken the sector, restructured and we have handed it back to the private sector,” the NSIA boss stressed.

In addition, Orji noted that the other thing, NSIA did in terms of agriculture was to embark on a demonstration farm in collaboration with another company to build a farm in Nasarawa state.

“These are not Genetically Modified Organisms (GMOs), we made sure we had the right farming practices. So it’s one of the things we’re doing in agriculture and we are going to be running the special agricultural processing zones. That’s also a programme that we will announce next year,” he stated.

READ ALSO:

In his remarks, the Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu, lamented that for too long, the nation had not effectively utilised the strong relationship between science, technology and innovation and business.

“Science, Technology and Innovation (STI) serve as the mother of business. It will be difficult for business to thrive without the effective deployment of STI,” he posited.

He explained that agriculture was at least 80 per cent dependent on STI, whether in plants or livestock, the production of seeds that are high yielding, disease resistant and climate smart.

According to the minister, countries with the largest economies in the world, are those that effectively deploy STI to nation building.

Hence, for business to grow faster in Nigeria, and for the private sector to be stronger than they are today, Onu opined that the country needs to effectively deploy STI to nation building.

“The federal ministry of science, technology and innovation is ready and prepared to work with the business community to make our economy stronger, our nation greater and Nigerians happier.

“This is the best way to ensure that we create new jobs, feed ourselves, improve our economy, reduce poverty and recreate the middle-class and make the nation self-reliant for the good of all,” he noted.

Also speaking during the programme hosted by the Publisher, BusinessDay Media Limited, Frank Aigbogun, the Managing Director of the company, Dr. Ogho Okiti, argued that Nigeria has a balance of payment crisis.

Added to that, he explained that the macro-economic instability would not allow any appreciable growth in Nigeria, arguing that there cannot be recovery until the issues were properly situated and sorted out.

“Private investment will not come in when all these things are misbehaving the way they are doing at the moment, including double digit inflation,” he noted.

Thisday

Loading

Insurance

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Published

on

L-R: Managing Director, Lasaco Assurance Plc, Ademoye Shobo; Managing Director, Continental Re, Dr. Fatai Lawal; Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo; Josephine Ogundeji; Group CEO of Continental Reinsurance Holdings, Lawrence Nazare; Blessing Ifechukwude; Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade; Henry Uche; Chief Underwriting Officer – Facultative, Continental Reinsurance, Bashir Akinsiku
L-R: Managing Director, Lasaco Assurance Plc, Ademoye Shobo; Managing Director, Continental Re, Dr. Fatai Lawal; Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo; Josephine Ogundeji; Group CEO of Continental Reinsurance Holdings, Lawrence Nazare; Blessing Ifechukwude; Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade; Henry Uche; Chief Underwriting Officer – Facultative, Continental Reinsurance, Bashir Akinsiku

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Stanbic IBTC Insurance Limited has emerged as the overall winner of the CRe Momentum Award at the inaugural CRe Insurance Awards for Africa 2026, announced during the Continental Reinsurance CEO Summit held in Kigali, Rwanda, on April 17, 2026.

The prestigious award recognises insurers that demonstrate consistent growth, strong financial performance, and strategic impact across Africa’s insurance industry. Stanbic IBTC Insurance was singled out for its disciplined execution, strong commercial results, and highly effective bancassurance model, which has significantly driven its life insurance growth.

Judges at the awards noted that the company’s bancassurance strategy—leveraging banking platforms to distribute insurance products—remains one of the most efficient on the continent. The firm’s ability to combine innovation, customer reach, and operational efficiency has positioned it as a leader in Nigeria’s insurance market.

Beyond its growth metrics, Stanbic IBTC Insurance has built a reputation for prompt claims settlement, sound risk management, and customer-focused service delivery, further strengthening trust among policyholders and stakeholders.

In the same CRe Momentum Award category, Cornerstone Insurance Plc (Nigeria) secured second place, while La Générale des Assurances (Benin) finished third, reflecting strong competition among leading African insurers.

READ ALSO:

In the Emerging Champions category, which celebrates fast-growing and innovative insurance companies, Agrails Ltd (Kenya) emerged winner, while Britam Connect (Kenya) came second.

The event also featured the 11th Pan-African Re/Insurance Journalism Awards, organised by Continental Reinsurance Plc, to honour excellence in reporting the insurance and reinsurance sector across Africa. A total of 184 entries from both Anglophone and Francophone countries were reviewed.

Uganda’s Isaac Khisa of The Independent Publications was named Overall Winner, also clinching the top spot in the English Print category for his report on Africa’s reinsurance market. Nigeria’s Josephine Ogundeji of Punch Newspaper was named first runner-up, while Ojeme Sunday of New Telegraph came second.

In the English Online category, Henry Uche of Daily Sun (Nigeria) emerged winner, followed by Isaac Khisa as first runner-up and Tendai Makaripe of 263 Chat (Zimbabwe) as second runner-up.

The English Broadcast category was won by Blessing Ifechukwude of Voice of Nigeria, with Mercy Tyra Murengu of Media Max Network (Kenya) and Samuel Nana Effah Obeng of GN Media (Ghana) finishing as first and second runners-up respectively.

Taurai Museka won the English Social Media category, while winners also emerged from Burkina Faso in the French category and Egypt in the Arabic category, highlighting the awards’ growing continental reach.

Additionally, Josephine Ogundeji received the Dr Femi Oyetunji Future Talent Award, while Mercy Tyra Murengu earned Special Recognition for her contribution.

Speaking at the event, Group CEO of Continental Reinsurance Holdings, Lawrence Nazare, said the inclusion of 10 new participating countries reflects the expanding influence of the awards across Africa. Chief Judge Michael Wilson also noted that the quality of entries continues to improve, making the selection process increasingly competitive.

Winners across categories received certificates, trophies, and cash prizes, with the overall winner earning $2,000, category winners receiving $1,500, first runners-up $1,000, and second runners-up $500.

The launch of the CRe Insurance Awards for Africa marks a significant step in recognising excellence, innovation, and leadership within the continent’s insurance ecosystem. Stanbic IBTC Insurance’s victory further reinforces Nigeria’s growing role as a hub for insurance innovation and life insurance expansion in Africa.

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Continue Reading

Auto

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Published

on

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Jetour Nigeria has consolidated its position as the exclusive representative of the Jetour brand in the country following its 2022 appointment by Jetour International.

The company said the move to clarify its exclusive status came after its successful hosting of the “Jetour Experience” in Lagos, where it unveiled its nationwide dealership structure and addressed lingering market ambiguity over distribution rights.

Since securing the mandate in 2022, Jetour Nigeria has led the importation, distribution, and provision of manufacturer-backed after-sales services for the brand’s full vehicle range in the country.

Its growing influence recently earned global recognition at the 2026 Jetour Global Conference, where the firm received the “Market Share Leadership Award 2025,” underscoring its dominance in the African market.

To strengthen nationwide service delivery, the company operates through a network of seven authorised dealers — Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.

These partners, according to the company, are the only entities authorised to sell and service Jetour vehicles in Nigeria.

READ ALSO:

At the four-day exhibition held at the Podium Events Centre, the dealers provided product information and customer engagement services, reinforcing what the company described as a unified and regulated distribution ecosystem.

“The ‘Jetour Experience’ was more than a celebration; it was a statement of clarity,” noted a representative of Jetour Nigeria. “By bringing our seven authorized dealers together under one roof, we have shown the public exactly where the Jetour brand lives.

“Since our 2022 appointment, we have invested heavily in a structure that guarantees customers genuine parts, expert technicians, and valid warranties—benefits, only available through our official channels.”

The company also received a boost from the visit of Anguo Yuan, Vice President of Jetour International, who commended the Nigerian team for its rapid expansion and infrastructure investment.

Industry recognition has followed the brand’s growth, with awards including the Nigeria Auto Journalists Association’s New Entrant of the Year, Fastest Growing Auto Brand, and Car of the Year for the Jetour Dashing.

Jetour Nigeria said its current lineup — including the rugged T2, plug-in hybrid models, and the flagship G700 — reflects its commitment to innovation and market leadership.

It advised customers to engage only its authorised dealer network to guarantee access to genuine parts, certified service, and full manufacturer warranty coverage.

 

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Loading

Continue Reading

Railway

Rail transformation on Abuja–Kaduna route excites NIPR delegates 

Published

on

L-R: Chairman, NIPR Akwa Ibom State Chapter, Dr Manasseh Umortte; Lagos State Chairman, Dr Samuel Ayetutu; Vice Chairman, Cross River Chapter, Amb. Deborah Grace Awatte (representing Dr Austin Mboso); Edo State Chairman, Dr James Wisdom Abholimen; Bayelsa State Chairman, Dr. Ebowari Wariowei, and Dr Mohammed Kudu Abubakar, Fellow, NIPR and Chairman Planning Committee, World Public Relations Conference, holding at Kaduna State, inside the NRC coach…on Monday.

Rail transformation on Abuja–Kaduna route excites NIPR delegates 

 

Members of the Nigerian Institute of Public Relations (NIPR) have applauded the ongoing transformation of Nigeria’s rail system, describing it as a clear sign of renewed confidence in public transport under the leadership of Dr. Kayode Opeifa at the Nigerian Railway Corporation (NRC).

The commendation came on Monday as hundreds of NIPR members travelled aboard the Abuja–Kaduna train to attend the Institute’s Annual General Meeting in Kaduna.

The journey itself became a moving testament to the rail sector’s resurgence, with fully booked coaches buzzing with networking, reunions and professional camaraderie.

Delegates from across the country, particularly from the southern states, converged on Abuja before boarding the train alongside their counterparts from the Federal Capital Territory.

For many, the decision to travel by rail was both practical and symbolic—a vote of confidence in the improving fortunes of the NRC.

Inside the coaches, the atmosphere was said to be lively. Old colleagues reconnected, new relationships were forged, and passengers commended the professionalism and efficiency of NRC staff.

Many described the experience as seamless and refreshing, noting that with the right leadership, public institutions can deliver quality service.

While praising the progress recorded so far, the NIPR members called on the Federal Government to deepen investment in rail infrastructure.

They stressed that sustained funding is critical, given the capital-intensive nature of railway operations, and expressed confidence that such investments would yield strong economic returns.

Among dignitaries on board were the Olumobi of Imobi-Ijesha, Oba Dr. Jacob Adetayo Haastrup; President of the Broadcasting Organisations of Nigeria, Chief Tony Akiotu; and media veteran, Dr. Mohammed Kudur Abubakar.

Oba Haastrup particularly commended President Bola Tinubu for appointing Opeifa as NRC Managing Director, noting that his performance within a year highlights the corporation’s potential as a driver of economic growth.

Lagos NIPR Chairman, Dr. Samuel Ayetutu, said the coordinated rail trip was also influenced by safety considerations and served as a deliberate endorsement of the NRC’s ongoing reforms.

He urged the government to extend rail connectivity to more parts of the country, providing Nigerians with reliable alternatives to road travel.

The NRC delegation to the conference was led by its Chief Public Relations Officer, Mr. Callistus Unyimadu, alongside the MD’s Special Assistant on Media and Communication, Mr. Yinka Aderibigbe.

The Kaduna conference, which runs until April 24, is expected to equip communication professionals with fresh insights and innovations in public relations practice.

It also serves as a precursor to the World Public Relations Conference scheduled to hold in Abuja later this year, where global stakeholders will converge to address emerging challenges in the profession.

Loading

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending