Market News

Nigeria to import potash from Russia and Canada -sovereign fund head - REUTERS

MAY 26, 2022

ABUJA (Reuters) -Nigeria plans to import a total of 105,000 metric tonnes of potash from Russia and Canada to ensure that its fertiliser plants have raw materials to avoid scarcity fertiliser in the country, the head of the Sovereign Wealth Fund said on Thursday.

Uche Orji, the head of Nigeria's sovereign investment authority, said Nigeria could import potash from Russia despite the ongoing war because "fertilizer is excluded from the ban in terms of doing business with Russia."

Western sanctions were imposed on Russia due to its invasion of Ukraine in February.

Nigeria plans to buy 35,000 tonnes from Russia with a June 3 delivery date. The rest is due to come from Canada on June 6, Orji said.

(Reporting by Felix OnuahWriting by Chijioke OhuochaEditing by James Macharia Chege)


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