CBN Donates N100 Billion Fertilizers To Farmers

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

The Governor of the CBN, Olayemi Cardoso, presented the bags of fertilisers to the Minister of Agriculture and Food Security, Abubakar Kyari, in Abuja on Wednesday.

Cardoso said the donation, which resonates deeply with the livelihoods of all Nigerians, aims to curb the escalating cost of food in the country.

The apex bank boss also stated that the CBN had been implementing measures to curb inflation over time.

He said: “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.

“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 strengthen our ties with the ministries, departments, and agencies (MDAs) that have this mandate.

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

“In pursuit of these goals, we are delighted to announce the allocation of 2.15 million bags of fertiliser valued at over N100 billion, which we’re humbly handing over to the Ministry of Agriculture.”

In his response, Kyari commended the apex bank for the kind gesture and assured the CBN governor that the fertilisers would be effectively distributed to farmers to address the galloping inflation.

The minister also said repairs to irrigation infrastructure are needed to support the country’s ll-year farming system.

This development comes after Cardoso, in October 2023, said the apex bank would pull back from direct development finance interventions.