LAGOS — Nigeria had to buy emergency supplies of Canadian potash in April after the country was unable to import the key fertilizer from Russia due to the impact of Western sanctions, the head of Nigeria’s sovereign investment authority NSIA said.
Uche Orji, the head of NSIA, declined to comment on prices. However, spot prices today are up more than 250% 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.
The move shows one of many unintended negative consequences of sanctions to punish Russia for its invasion of Ukraine, which it calls a “special military operation.”
The International Monetary Fund said last week that the invasion had delivered a further “huge negative shock” to sub-Saharan Africa, driving food and energy prices higher and putting the most vulnerable people at risk of hunger.
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