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 for distribution to farmers nationwide. This initiative aims to address the surge in food prices and enhance food production across the country.

Minister of Agriculture and Food Security, Abubakar Kyari, confirmed receiving the allocation, emphasizing its significance in bolstering food productivity. CBN Governor, Olayemi Cardoso, announced the donation, heralding a new collaboration with the Ministry of Agriculture to foster a resilient macroeconomic environment through policy implementation.

Cardoso highlighted the importance of stabilizing food prices, considering their significant impact on inflation rates and household expenditure. He affirmed the CBN’s commitment to leveraging conventional monetary policy tools to achieve price stability and economic confidence.

Acknowledging the challenges faced by the agricultural sector, including the COVID-19 pandemic, flooding in 2021, currency policy changes, and insecurity, Minister Kyari expressed gratitude for the CBN’s gesture. He assured that the fertilizers would be distributed judiciously to benefit intended farmers, furthering the country’s food security objectives.

Minister of Budget and Economic Planning, Atiku Bagudu, commended the CBN’s efforts in supporting food security initiatives. He emphasized the importance of collaboration to sustain momentum and ensure Nigeria remains competitive globally in agriculture.

The allocation of fertilizers by the CBN signifies a significant step towards enhancing food production, addressing inflationary pressures, and fortifying Nigeria’s agricultural sector for sustained growth and resilience.

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