The Central Bank of Nigeria (CBN) said it has provided 2.15 million bags of fertiliser worth over N100 billion to the Federal Ministry of Agriculture and Rural Development.
This initiative aims to help farmers nationwide combat rising food prices and boost food production.
The CBN governor, Olayemi Cardoso, revealed the donation on Wednesday as part of a new partnership with the Ministry of Agriculture to enforce policies that promote a strong macroeconomic climate.
Cardoso said,” We are pleased to declare our commitment to our mutual objectives by making a contribution of 2.15 million bags of fertilizer, worth more than 100 billion naira, which we are happy to present to the Ministry of Agriculture and Food Security.
“The Central Bank’s contribution is focused on increasing food production and promoting price stability in the agricultural sector.
“Food prices play a significant role in inflation, as a large part of Nigerian households’ spending is on food and beverages. It’s important to tackle food inflation in order to effectively manage overall inflation rates.
Cardoso stated that the CBN would no longer directly intervene but would collaborate with capable entities. He confirmed that the CBN was making efforts to track and retrieve the intervention funds that were harming the economy.
Speaking at the Abuja event the Minister of Agriculture and Food Security, Abubakar Kyari, verified that he had received the 2.15 million bags of fertiliser provided by the CBN to enhance food production.
