The Central Bank of Nigeria (CBN) has handed over N100 billion worth of fertilizers to the Federal Ministry of Agriculture and Food Security in a bid to enhance food production across the country.
At the handing-over ceremony held at the headquarters of the Federal Ministry of Agriculture and Food Security in Abuja, CBN Governor, Olayemi Cardoso, emphasized the importance of addressing food inflation, considering its significant impact on overall headline inflation rates. He highlighted the role of the CBN in maintaining price stability and acknowledged the challenges posed by escalating food prices.
Cardoso stated that while the CBN had been implementing measures to curb inflation, inflationary pressures persisted, largely driven by rising food prices. However, he expressed optimism that these pressures would be alleviated by the third quarter of 2024.
In alignment with the CBN’s strategic shift towards focusing on its fundamental mandate, Cardoso announced the allocation of 2.15 million bags of fertilizer valued at over N100 billion to the Ministry of Agriculture. He emphasized the CBN’s commitment to fostering closer ties with relevant ministries and agencies to support critical initiatives aimed at enhancing food productivity and security.
Before Cardoso’s tenure as CBN governor, the apex bank intervened in the fertilizer market through various credit facilitation programs for farmers. These interventions aimed to make credit more accessible to farmers, enabling them to purchase fertilizer and other inputs.
In response, Agriculture and Food Security Minister, Abubakar Kyari, commended the CBN for providing fertilizers, noting its significance as a major input in agricultural production. Kyari highlighted the challenges faced by the agriculture sector, including the impact of the COVID-19 pandemic, flooding, and climate change, and emphasized the importance of fertilizers in mitigating these challenges.
Kyari also stressed the need to boost repairs of irrigation infrastructure to support all-year farming across the country. Minister of Budget and Economic Planning, Abubakar Bagudu, echoed the importance of collaboration between institutions and emphasized the significant increase in budgetary allocation to agriculture in the 2024 budget, consistent with the Federal Government’s agenda.
