In a bid to cushion the effects of high prices of food in the country, the Central Bank of Nigeria has donated 2.15 million bags of fertilisers to the Ministry of Agriculture
The CBN Governor, Olayemi Cardoso, in a recent meeting with the Minister of Agriculture and Rural Development, Mohammad Abubakar, and the Minister of Agriculture and Food Security, Abubakar Kyari stated thus:
“The CBN has veered away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively. In this light, 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.
“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.”