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CBN donates 2.15m bags of fertiliser worth N100bn to farmers

The Central Bank of Nigeria (CBN) has donated 2.15 million bags of fertiliser worth N100 billion to farmers through the Federal Ministry of Agriculture and Food Security.

The CBN Governor, Mr. Yemi Cardoso, presented the bags of fertilisers to the Minister of Agriculture and Food Security, Abubakar Kyari, on Wednesday, March 13, 2024 in Abuja.

Cardoso said that the gesture aligned with a core objective of the apex bank and the agriculture ministry, which is food security.

He said that the initiative also resonated deeply with livelihoods of all Nigerians, and was aimed at curbing escalating cost of food.

“The CBN places a significant emphasis on maintaining price stability as one of its primary mandates.

“Food prices are a crucial component of inflation, especially considering that a substantial portion of household expenditure in Nigeria is allocated to food and non-alcoholic beverages.

“This reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation,” the CBN governor said.

Cardoso also said that the apex bank had been implementing measures to curb inflation over time.

“But in the short term, the inflationary pressure may persist, predominantly driven by escalating food prices.

“This is why we are strengthening our collaboration with the Federal Ministry of Agriculture and Food Security with the shared objective of mitigating the surge in food prices.

“The CBN has veered away from direct quasi-fiscal intervention and transiting towards leveraging conventional monetary policy tools for executing monetary policy effectively.

“We want to extend our support and closer ties with Ministry, Departments and Agencies (MDAs) that bear this mandate.

“And we aim to enhance our partnership with the agriculture ministry to enhance food productivity and security.

“In pursuit of these shared goals, we are delighted to announce the allocation of 2.15 million bags of fertiliser, valued at over N100 billion, 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 stabilization within the agricultural sector,” he said.

In his response, Kyari commended the apex bank for the kind gesture.

He assured the CBN governor that the fertilisers would be effectively distributed to farmers.

“We will deliver the fertilisers to the farmers and ensure its judicious use to address the galloping inflation,” he said.

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, who was also present at the event, commended the CBN for the gesture towards price stability.

According to Bagudu, 2.15 million bags of fertilisers will go a long way towards controlling the ever-increasing cost of food.

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