Investor Presentaiton

By the late 1990s, the government-led procurement and distribution of subsidized fertilizer were highly inefficient, was riddled with corrupt practices such as late delivery of fertilizer with significant diversion of fertilizer from intended beneficiaries (Nagy and Edun 2002). o Leakages of subsidized fertilizer into the regular market were common, leading to market price distortions as well as providing arbitrage opportunities. o In 1997, the fertilizer sector was abruptly liberalized (Nagy and Edun, 2002).

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