Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has allocated 2.15 million bags of fertilizer valued at over N100 billion to the Federal Ministry of Agriculture and Food Security (FMAFS). The gesture is aimed at boosting food production and reducing the high cost of food items in the markets.
Cardoso disclosed this at the headquarters of the Federal Ministry of Agriculture and Food Security in Abuja. He emphasized that the initiative is intended to amplify food production and foster price stabilization within the agricultural sector, addressing the escalating cost of food as a pivotal aspect of managing overall headline inflation rates.
The CBN Governor acknowledged the critical need to address food inflation and announced the allocation of 2.15 million bags of fertilizer to support the Ministry of Agriculture and Food Security. The fertilizer, valued at over N100 billion, is expected to enhance food production capabilities and contribute to price stabilization in the agricultural sector.
Cardoso highlighted the CBN’s strategic shift toward focusing on fundamental mandates, veering away from direct quasi-fiscal interventions and leveraging conventional monetary policy tools for effective execution. The support extended to the Ministry of Agriculture is part of the collaborative efforts to enhance food productivity, strengthen food security, and curb food inflation.
Senator Abubakar Kyari, the Minister of Agriculture and Food Security, expressed gratitude for the CBN’s provision of 2.15 million assorted fertilizers. He assured that the fertilizers would be judiciously distributed and used for the cultivation of food items in the country. Kyari emphasized the importance of year-round farming and noted that the Federal Government provides subsidies on fertilizers, seeds, herbicides, and insecticides to support farmers.
The Minister further disclosed that the CBN’s fertilizer allocation would contribute significantly to dry and wet season farming in the country. He highlighted ongoing initiatives, such as the scaling up of wheat farming from 120,000 hectares to 250,000 hectares with support from the African Development Bank (AfDB). The provision of fertilizers is expected to play a crucial role in reducing the prices of food items in the markets, contributing to food security and economic stability.
