The Central Bank of Nigeria (CBN) has announced a significant allocation of resources to the Ministry of Agriculture in a bid to tackle the soaring food prices plaguing Nigeria..
Governor Olayemi Cardoso revealed during a meeting at the ministry’s headquarters in Abuja that the CBN has earmarked N100 billion and 2.15 million bags of fertilisers to support agricultural initiatives aimed at boosting food production.
Governor Cardoso emphasized the importance of supporting farmers to alleviate the burden of high food prices on the nation. He stated, “The CBN has veered away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively.”
In response, Minister of Agriculture and Rural Development, Mohammad Abubakar, expressed gratitude for the partnership, highlighting its potential to enhance food security. He remarked, “The rising cost of food items is negatively impacting the nation, and the Ministry of Agriculture and Food Security is seeking out avenues to ameliorate the situation.”
The allocation comes at a critical time as Nigeria grapples with a record-high inflation rate of 29.90 percent, primarily driven by escalating food prices. The recent removal of fuel subsidies has further exacerbated the situation, leading to weakened purchasing power for many households across the country.
Despite these challenges, Governor Cardoso reaffirmed the CBN’s commitment to prioritizing price stability and fostering confidence in the Nigerian economy.
Minister of Agriculture and Food Security, Abubakar Kyari, echoed optimism, assuring that the government’s interventions would lead to the stabilization of food prices in the coming months.
The partnership between the CBN and the Ministry of Agriculture underscores a concerted effort to address the pressing issue of food insecurity in Nigeria and bolster the agricultural sector’s resilience against economic shocks.
