In a significant move to bolster Nigeria’s agricultural sector and address food security concerns, the Central Bank of Nigeria (CBN) has donated over 2 million bags of fertilizers valued at N100 billion to farmers.
This collaborative effort, conducted with the Federal Ministry of Agriculture and Food Security, aims to alleviate the burden of rising food prices while ensuring livelihood sustainability nationwide.
During a formal ceremony in Abuja, Mr. Yemi Cardoso, the Governor of the CBN, presented the fertilizers to Minister of Agriculture and Food Security, Abubakar Kyari. Emphasizing the initiative’s alignment with core objectives, Cardoso highlighted the importance of addressing food inflation and maintaining price stability.
“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,” Cardoso remarked, underscoring the significance of this donation.
Minister Kyari expressed gratitude for the CBN’s support, assuring effective distribution and judicious utilization of the fertilizers to counteract inflationary pressures.
“We will deliver the fertilizers to the farmers and ensure its judicious use to address the galloping inflation,” Kyari affirmed.
Sen. Atiku Bagudu, the Minister of Budget and Economic Planning, commended the CBN’s initiative, acknowledging its potential to control the escalating cost of food.
“2.15 million bags of fertilizers will go a long way towards controlling the ever-increasing cost of food,” Bagudu stated.
This generous contribution is poised to significantly enhance agricultural productivity and ensure food security across Nigeria. The collaboration between the CBN and the Federal Ministry of Agriculture and Food Security underscores a commitment to fostering sustainable development and prosperity nationwide.
