The 2024 Nigerian Fertiliser Industry Report offers a comprehensive analysis of the sector, highlighting key drivers, challenges, and market dynamics. Given Nigeria’s dependence on agriculture for food security and economic stability, the fertiliser industry has experienced notable growth driven by rising food demand from an expanding population. However, the sector contends with significant obstacles, including high raw material costs, inadequate infrastructure, and security issues.
A pivotal finding is Nigeria’s emergence as a net exporter of urea, supported by abundant local natural gas resources crucial for production. Major players such as Dangote Fertiliser, Indorama Eleme Fertiliser, and Notore Chemicals dominate the urea market, while the NPK segment remains fragmented with numerous smaller blending operations. Increased urea production has bolstered Nigeria’s fertiliser capacity, reducing reliance on imports and mitigating foreign exchange exposure.
Regulatory bodies like the Standards Organization of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC) are essential in maintaining product standards. Nonetheless, inefficiencies in subsidy programs, distribution challenges, and foreign exchange volatility hinder sector stability. Future growth will depend on attracting private investment, implementing supportive policies, and enhancing infrastructure to meet escalating agricultural demands as Nigeria’s population continues to grow.
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