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. This allocation aims to support farmers nationwide and mitigate the challenges posed by food insecurity in the country.
Confirmation of the fertilizer allocation was made by the Minister of Agriculture and Food Security, Abubakar Kyari, who acknowledged the receipt of the 2.15 million bags of fertilizer from the CBN. The announcement came during a collaborative event between the CBN and the Ministry of Agriculture, where CBN Governor Olayemi Cardoso highlighted the importance of fostering a resilient macroeconomic environment through strategic partnerships.
Governor Cardoso expressed the CBN’s commitment to amplifying food production capabilities and stabilizing food prices by handing over the significant fertilizer allocation to the Ministry of Agriculture and Food Security. He emphasized the critical role of addressing food inflation, considering its substantial impact on household expenditure and overall headline inflation rates in Nigeria.
The CBN’s approach towards interventions has evolved, moving away from direct quasi-fiscal interventions towards leveraging conventional monetary policy tools for effective execution. Governor Cardoso reassured stakeholders of the CBN’s dedication to monitoring and recovering intervention funds, underscoring the importance of maintaining price stability and bolstering confidence in the Nigerian economy.
Minister Abubakar Kyari expressed gratitude for the CBN’s gesture, affirming that the allocated fertilizers would be efficiently utilized and distributed to farmers to enhance food production and achieve national food security objectives. He acknowledged the challenges faced by the Ministry of Agriculture in recent months, including the impact of the COVID-19 pandemic, 2021 flooding, CBN’s policy on Naira redesign, and widespread insecurity, which significantly affected agricultural production in Nigeria.
Efforts are underway to ensure year-round farming through irrigation, as highlighted by Minister Kyari, demonstrating the government’s commitment to sustainable agricultural practices. Additionally, Minister of Budget and Economic Planning, Atiku Bagudu, commended the CBN’s efforts in supporting food security initiatives, emphasizing the importance of collaboration with other institutions to maintain competitiveness in the global market.
The allocation of 2.15 million bags of fertilizer by the CBN marks a significant step towards revitalizing the agricultural sector and ensuring food sufficiency in Nigeria. As the government continues to prioritize food security, such initiatives play a vital role in addressing the challenges facing the agricultural industry and promoting sustainable development nationwide.
