The Central Bank of Nigeria (CBN) on Wednesday in Abuja handed over 2.1 million bags of fertiliser to the Federal Ministry of Agriculture and Food Security for onward distribution to farmers ahead of the wet season farming.
The CBN in a post on its X handle (Formerly Twitter) said the decision reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation rates, adding that the bags of fertilisers are valued at N100 billion.
In his address, the Central Bank governor, Olayemi Cardoso said “In pursuit of these shared goals, we are delighted to announce the allocation of 2.15 million bags of fertiliser, valued at over 100 billion naira, which we humbly hand over to the Ministry of Agriculture and Food Security.
“This contribution from the Central Bank aims to amplify food production capabilities and foster price stabilisation within the agricultural sector, we aim to extend our support and foster closer ties with Ministries, Departments, and Agencies (MDAs) with the mandate and expertise to undertake these critical initiatives. Consequently, we aim to enhance our partnership with the Ministry of Agriculture, bolstering your endeavours to enhance food productivity and security, ultimately curbing food inflation and fortifying our pursuit of price stability,” he added.
