Nigeria bought emergency supplies of Canadian potash in April after the country was unable to import the key fertiliser ingredient from Russia due to the impact of Western sanctions, the head of Nigeria’s Sovereign Investment Authority (NSIA), Uche Orji, has disclosed.
Although he declined to comment on prices, however, spot prices yesterday were up more than 250 per cent for deliveries to West Africa compared to last year, according to commodities pricing agency Argus Media, dealing a further blow to the country’s finances.
Reuters reported that the move showed one of many unintended negative consequences of sanctions to punish Russia for its invasion of Ukraine, which it calls a “special military operation”.
“Russia was unable to deliver so we bought spot from traders in Canada. The Canadian High Commission in Nigeria helped start the conversation with producers,” Orji told Reuters.
NSIA negotiates imports of raw fertiliser materials like potash as part of the Nigerian government’s programme to develop its capacity to produce blended fertilizer. Orji said Nigeria has enough potash inventories to cover 40 per cent of blending demand and bought three cargoes of Canadian potash, which should arrive within the next month. Normally, the country takes five Russian cargoes a year.
