Ethiopia spends 1.2 billion Br for the imports of ferttlizer this year, Prime Minister Abiy Ahmed said. The amount is twice what the country spent to import fertlizer in 2020/21.
Import-dependent countries, including Ethiopia, has been under stress this year because of the soar in the price of fertlizer in the International market as a result of an increase price of inputs like natural gas.
Most fertilizer prices increased sharply since the third quarter of 2021 and continued rising in early November, reaching levels unseen since the 2008-09 global financial crisis.
Prices have been driven by surging energy costs, supply curtailments, and trade policies, according to the World Bank.
The Bank warned that high fertilizer prices could exert inflationary pressures on food prices, compounding food security concerns at a time when the COVID-19 pandemic and climate change are making access to food more difficult.
