CBN boosts fight against food insecurity with N100bn, 2m bags of fertilisers

In a bid to fight against the food insecurity in the country and cushion the effect of rising prices of food in the country, the Central Bank of Nigeria (CBN) has allocated N100 billion and 2.15 million bags of fertilisers to the Ministry of Agriculture.

Governor of the apex bank, Olayemi Cardoso disclosed this during a meeting with the Minister of Agriculture and Rural Development, Mohammad Abubakar, and the Minister of Agriculture and Food Security, Abubakar Kyari at the ministry’s headquarters in Abuja on Wednesday.

While speaking, Cardoso said the apex bank believed that providing support to farmers would help mitigate high food prices currently bedevilling the nation.

He said, “The CBN has veered away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively. In this light, we aim to extend our support and foster closer ties with Ministries, Departments, and Agencies (MDAs) with the mandate and expertise to undertake these critical initiatives. Consequently, we aim to enhance our partnership with the Ministry of Agriculture, bolstering your endeavours to enhance food productivity and security, ultimately curbing food inflation and fortifying our pursuit of price stability.

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“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. This contribution from the Central Bank aims to amplify food production capabilities and foster price stabilisation within the agricultural sector.”

On his part, Abubakar welcomed the development, saying that the partnership would further guarantee food security in the country.

He said, “The rising cost of food items is negatively impacting the nation, and the Ministry of Agriculture and Food Security is seeking out avenues to ameliorate the situation. This meeting with the governor of the Central Bank of Nigeria, his management team and the minister of budget and economic planning is to seek ways to provide support to the farmers will help to mitigate high food prices.”

By: Babajide Okeowo

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