The Central Bank of Nigeria (CBN) has resumed its funding intervention for the agriculture sector in response to the challenges of food security in the country.
The apex bank has earmarked ₦100 billion to purchase 2.5 million bags of fertilizers for distribution to farmers.
CBN Governor Mr. Olayemi Cardoso emphasized the importance of addressing food inflation as a crucial aspect of managing overall headline inflation rates, which currently stands at 29.9 percent.
He stated that the investment in agriculture would increase food production and help curb inflation.
Cardoso also explained the bank's strategic shift towards focusing on its fundamental mandate and its transition away from direct quasi-fiscal interventions.
The CBN aims to strengthen its collaboration with the Ministry of Agriculture and other MDAs to enhance food productivity and security, ultimately curbing food inflation and supporting the pursuit of price stability.
During the fertilizer handover event at the Ministry of Agriculture and Food Security, the CBN allocated 2.15 million bags of fertilizer, valued at over ₦100 billion, to the Ministry.
This contribution from the Central Bank aims to amplify food production capabilities and foster price stabilization within the agricultural sector.
The CBN's resumption of agriculture funding with ₦100 billion and allocation of fertilizers to farmers demonstrates the bank's commitment to addressing food security, inflation, and price stability in Nigeria.
The collaboration between the CBN and the Ministry of Agriculture and Food Security will play a crucial role in enhancing food productivity and security in the country.
