*N119bn spent on 2nd Niger Bridge
Nigeria is set to take delivery of about 105 metric tonnes of potassium, used for blending fertilizer, from Russia and Canada next week to enhance agricultural output this farming season.
This follows the restoration of Nigeria-Russia trade in potassium in the midst of the ongoing Russian invasion of its neighbour, Ukraine.
The Managing Director and Chief Executive Officer of Nigerian Sovereign Investment Authority (NSIA), Mr Uche Orji, disclosed this during a ministerial press briefing at the Presidential Villa, Abuja on Thursday.
According to him: “We have a total of 105 metric tonnes coming of which 35,000 is from Russia and the rest is from Canada.
“But now that we have re-established the Russia-Nigeria link for potassium, subsequent transactions will likely come from Russia just because it saves us time, it’s one week shorter in terms of sailing time for the vessel from Russia versus Canada.
“It’s not even near Canada, it’s central Canada that this thing comes from. So, it’s a long way to get to Nigeria.”
Orji said from next week, farmers would begin to access fertilisers in the country.
“About 30 per cent of the world’s potash comes from Russia and Belarus. So, when the crisis started there was a blockade, there were sanctions and all kinds of issues, and we couldn’t get potash,” he said.
“But now, I’m glad to report that we have solved the potash problem. On June 3rd, the first vessel will arrive from Russia. On June 6th, the second vessel will arrive from Canada.
“The President gave us the instruction to go and solve it, find it wherever you can, bring it into the county. We will have enough potash between now and the middle of June for all our needs for the year.
“Last year, we had enough to produce up to 40 per cent of the country’s need in inventory in the warehouses, so that’s coming out. Central bank is one of the big buyers, and they’re releasing it”, he stated.
He also disclosed that the Buhari administration has so far committed over N100 billion to the implementation of the ongoing Second Niger Bridge project, while noting that only N19 billion was expended on the project before the coming of the administration.
The NSIA boss said that the money invested in the project and others, including the Lagos-Ibadan Expressway, Second Niger Bridge and Abuja-Kaduna-Kano Highway was part of the $300 million recovered from funds looted by the former Head of State, General Sani Abacha.
“The NSA itself has done two things. Firstly, the NSIA’s direct commitment to the PIDF (Presidential Infrastructure Development Fund) projects is $300million. That’s been approved by the board of the NSA. So, that money is available. And it has been spent.
“Two, the NSA and its role manage the President’s fund that was originally delivered to this project. What has not been spoken to here is that the NSIA in the management and that fund, and an additional profit of 40 billion naira which has gone into the program.
“So our job is not just that we’re investing. Our job is to make sure that the entire resources available to us are properly managed, and directed appropriately.
“Thirdly, as you are aware, the authorities of the US and Jersey came together and said the monies that were recovered on behalf of Nigeria, from General Abacha will be applied to this program. That’s about $300 million”, he explained.
Orji stressed that “all the monies involved in the building of the second Niger bridge largely have been handled by the NSIA.
“Over 90% of it has been spent in the administration of this President. So I think it’s important that it is clear. A lot of work has been done there. Abuja-Kaduna-Kano road is ongoing. We’ve made more progress on Kaduna-Zaria-Kano Road, Abuja-Kaduna.
“The President recently approved for the NSA through some of the gains made from managing the PIDF to buy 16 patrol trucks given to the police to ensure that every 10 kilometres of the Abuja-Kaduna road there’s a patrol truck to improve security.
“There’s a lot of work now being done to get the contractors back to the site and working. So you’ll see more progress there. But I will encourage you, those of you who are able, to drive through to Kaduna, you’ll see what a beautiful piece of work is being done on the Abuja-Kaduna-Kano road.
“Lagos-Ibadan is ongoing, hopefully, all completed and commissioned between the end of this year and the middle of next year. Abuja-Kaduna road, sadly, will go beyond that because of the Abuja-Kaduna end but a lot of work is going on.”
