Noting the challenging but promising operational environment, he said, Notore is committed to providing premium agricultural inputs to its customers.
He added that, “though the limited gas supply impacted its first-quarter earnings, the company is addressing the issue to ensure a steady natural gas supply. As a result, it is confident that it will return to profitability in the coming quarters.” On the outlook for the industry, he said, the agricultural sector accounts for approximately 24 per cent of Nigeria’s GDP, and one of the most crucial components of the sector is fertilizer, which is required to boost food production and growth.
“The fertiliser market in Nigeria is expected to continue growing in the coming years due to the increasing demand for food and the Federal Government’s efforts to promote agriculture. According to a report by Mordor Intelligence, Nigeria’s fertilizer market is projected to grow at a CAGR of 4.4 per cent between 2021-2026,” he added.
Ohiwerei stated that the federal government continues to drive several initiatives to boost the agriculture sector, such as the Presidential Fertilizer Initiative and the Anchor Borrowers Program , noting that, “these initiatives aim to increase the production and use of fertilizers to improve crop yields and food security in the country. Notore remains well-positioned to leverage opportunities to meet domestic and West African market demand.