The Federal and Russia on Monday signed an agreement for the supply of potash, a raw material for fertilizer production from a Russian company, URALCHEM.
Mr Uche Orji, the Managing Director, Nigerian Sovereign Investment Authority (NSIA) signed on behalf of Nigeria while Mr Dmitry Konyaev, Deputy Chairman, URALCHEM, signed on behalf of the Russian government.
The agreement is under the aegis of Presidential Fertilizer Initiative (PFI) chaired by Jigawa State Governor, Abubakar Badaru.
Badaru said it was a milestone in President Muhammadu Buhari’s effort to support agricultural production.
He said the aim was to make fertilizer available and affordable to Nigerian farmers.
“As we recall, President Vladimir Putin invited African presidents of which our president was there and during one of their side meetings, Putin proposed the possibility of Nigeria buying potash from a company in Russia, knowing full well that we always buy potash.
“You remember, we have similar agreement with Morocco on the supply of phosphate; so today, we witness the consummation of that discussion to sign agreement on potash purchase for Nigeria.
“What we have just witnessed will help in stabilising the price of fertilizer, NPK, that we produce locally; and you could recall, in the last three or two years, Nigeria has been producing its NPK by itself; buying only phosphate from Morocco and potash from Russia.”
Russian Ambassador to Nigeria, Mr Alexey Sherbashin, said that Nigeria-Russia bilateral relation in economics and trade was developing.
He said that signing of agreement was strategic as Nigeria’s agriculture needed intensive development.