Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), announced the provision of 2.15 million bags of fertilizer worth over N100 billion to the Federal Ministry of Agriculture and Food Security (FMAFS) to boost food production and stabilize food prices.
Cardoso made this announcement at the headquarters of the Federal Ministry of Agriculture and Food Security in Abuja on Wednesday, emphasizing the importance of addressing the escalating cost of food in Nigeria. He highlighted the significant impact of food prices on inflation, as a substantial portion of household expenditure is allocated to food and non-alcoholic beverages.
Acknowledging the CBN’s mandate to maintain price stability, Cardoso emphasized the need to collaborate with the Ministry of Agriculture to mitigate food price surges. He announced the allocation of 2.15 million bags of fertilizer valued at over 100 billion naira to the Ministry, aiming to amplify food production capabilities and foster price stabilization within the agricultural sector.
Cardoso reiterated the CBN’s commitment to prioritizing price stability, ensuring consumer price stability, and balancing the foreign exchange market. Despite prevailing challenges such as inflation and currency depreciation, he expressed determination to overcome these obstacles through policies that cultivate a resilient macroeconomic environment and enhance the welfare of Nigerians.
In response, Senator Abubakar Kyari, Minister of Agriculture and Food Security, thanked the CBN for the fertilizer provision and assured judicious distribution and use for food cultivation. He highlighted the challenging factors contributing to food inflation, including the COVID-19 pandemic, flooding, climate change, and insecurity.
Kyari emphasized the importance of year-round farming and government subsidies on fertilizers, seeds, herbicides, and insecticides to support farmers. He expressed optimism that the CBN’s gesture would alleviate food inflation and support both dry and wet season farming.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, lauded the fertilizer provision’s potential to reduce food prices in the markets. He emphasized the effectiveness of government strategies and policies in line with the Renewed Hope Agenda, allocating close to one trillion naira to the agricultural sector in the 2024 budget.
Minister of State for Agriculture and Food Security, Senator Sabi Abdullahi, extended thanks to the CBN for the timely provision of fertilizer and assured efforts to prevent fake farmers from benefiting from government interventions.
The collaboration between the CBN and the Ministry of Agriculture aims to strengthen food security, foster economic stability, and uplift the prosperity of Nigeria.
