The governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has announced the allocation of a staggering 2.15 million bags of fertilizer valued at over N100 billion to the Federal Ministry of Agriculture and Food Security (FMAFS), in a groundbreaking development aimed at revolutionising Nigeria’s agricultural landscape.
This unprecedented move signals a pivotal shift towards bolstering food production, stabilizing prices and ultimately enhancing the nation’s food security.
Addressing a gathering of stakeholders at the Federal Ministry of Agriculture and Food Security headquarters in Abuja, Cardoso underscored the imperative of tackling the spiralling cost of food, which poses a significant challenge to household budgets across the country.
“As custodians of monetary policy, it is incumbent upon us to prioritise price stability as a cornerstone of economic sustainability. The relentless surge in food prices demands urgent and decisive action to alleviate the burden on our citizens,” remarked Cardoso.
Highlighting the collaborative synergy between the CBN and the Ministry of Agriculture and Food Security, Cardoso reiterated their joint commitment to addressing food inflation and fostering economic resilience. He reaffirmed the central bank’s unwavering support for initiatives aimed at bolstering food productivity and security, thereby mitigating the adverse impact of inflation on the populace.
“In alignment with our strategic focus on leveraging conventional monetary policy tools, we are pleased to extend our support to the Ministry of Agriculture through the allocation of a substantial quantity of fertiliser. This monumental contribution seeks to amplify food production capabilities and foster price stabilisation within the agricultural sector,” declared Cardoso.
Expressing profound gratitude for the timely intervention, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari commended the CBN for its proactive stance in bolstering agricultural productivity. He assured stakeholders of the meticulous distribution and utilisation of the allocated fertiliser to cultivate food crops across the length and breadth of the nation.
Kyari underscored the myriad challenges, including the disruptive impact of the COVID-19 pandemic, widespread flooding, climate change and currency fluctuations, contributing to the escalation of food prices in Nigeria. He emphasised the government’s unwavering commitment to supporting farmers through targeted subsidies on fertilisers, seeds, herbicides and insecticides, thereby facilitating year-round farming activities.
In his address, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu lauded the CBN’s audacious initiative, emphasising its potential to ameliorate food prices in local markets. He stressed the imperative of inter-agency collaboration to drive sustainable agricultural development and foster inclusive economic growth.
Wrapping up the landmark event, Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi lauded the CBN’s visionary leadership in spearheading efforts to enhance food security. He reiterated the government’s resolute commitment to instituting robust frameworks to safeguard agricultural interventions and support genuine farmers across the nation.
The allocation of 2.15 million fertiliser bags by the CBN represents a monumental stride towards revolutionising Nigeria’s agricultural sector, fostering food security and alleviating the burden of escalating food prices on the populace.
