In a bid to support farmers and address food inflation, the Central Bank of Nigeria (CBN) handed over 2.1 million bags of fertiliser to the Federal Ministry of Agriculture and Food Security in Abuja on Wednesday. The fertilisers, valued at N100 billion, are intended for distribution to farmers ahead of the upcoming wet season farming.
The CBN announced the decision in a post on its official X handle (formerly Twitter), highlighting the importance of tackling food inflation as a crucial aspect of managing overall headline inflation rates. The initiative underscores the bank’s commitment to boosting agricultural productivity and stabilising food prices within the country.
During the handover ceremony, the Central Bank Governor, Olayemi Cardoso, expressed delight in the partnership aimed at enhancing food production capabilities and fostering price stabilisation in the agricultural sector. He emphasized the importance of collaboration with relevant Ministries, Departments, and Agencies (MDAs) to achieve these objectives effectively.
Cardoso stated, “In pursuit of these shared goals, we are delighted to announce the allocation of 2.15 million bags of fertiliser, valued at over 100 billion naira, which we humbly hand over to the Ministry of Agriculture and Food Security.”
He further added, “This contribution from the Central Bank aims to amplify food production capabilities and foster price stabilisation within the agricultural sector. We aim to extend our support and foster closer ties with MDAs with the mandate and expertise to undertake these critical initiatives.”
The Governor also expressed the CBN’s commitment to enhancing its partnership with the Ministry of Agriculture, reinforcing efforts to enhance food productivity and security. The ultimate goal is to curb food inflation and strengthen the pursuit of price stability in Nigeria.
The donation of fertiliser by the CBN signifies a significant step towards supporting farmers and promoting agricultural development, particularly during the crucial wet season farming period. It is expected to contribute to increased crop yields, improved food security, and ultimately, economic prosperity for the nation.
