As parts of efforts to boost food production, Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardross on Wednesday announced the provision of 2.15million bags of fertilizer worth over N100billion to the Federal Ministry of Agriculture and Food Security(FMAFS) for onward distribution to farmers across the country.
The CBN Governor who made the announcement when he led a delegation to the headquarters of the Federal Ministry of Agriculture and Food Security said the move will
amplify food production capabilities and foster price stabilization within the agricultural sector.
“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 stabilization within the agricultural sector.
” My team and I reiterate our unwavering commitment to prioritising price stability and instilling confidence in the Nigerian economy by upholding consumer price stability and ensuring a balanced foreign exchange market.
” Despite the prevailing challenges posed by inflation and currency depreciation, we remain resolute in our determination to surmount these obstacles.” he said.
According to him, while transient inflationary pressures may persist, the CBN anticipates substantial alleviation by the third quarter of 2024, coupled with diminished exchange rate strains.
” Our resolve lies in implementing policies that cultivate a resilient macroeconomic environment and enhance the welfare of all Nigerians.
” I extend my heartfelt gratitude for your collaboration, Honorable Minister. Together, we embark on a journey to fortify food security, foster economic stability, and uplift the prosperity of our nation, ” Cardoso maintained.
He noted food prices are a crucial component of inflation, especially considering that a substantial portion of household expenditure in Nigeria
is allocated towards food and non-alcoholic beverages.
“It is with great honour and enthusiasm that I stand before you today to address a matter of paramount importance that not only aligns with the core objectives of the Central Bank of Nigeria and the Ministry of
Agriculture and Food Security but also resonates deeply with the livelihoods of all Nigerians – the escalating cost of food.
“As we are all well aware, Hon. Minister, the Central Bank of Nigeria significantly emphasises maintaining price stability as one of its primary mandates.
“Food prices are a crucial component of inflation, especially considering that a substantial portion of household expenditure in Nigeria is allocated towards food and non-alcoholic beverages.
“This reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation rates,” he stressed.
The Minister of Agriculture and Food Security, Senator Abubakar Kyari expressed gratitude to the CBN Governor for the provision of 2.15million assorted fertiliser.
Kyari assured that the fertilizer would be judiciously distributed and used for the purposes for which it is given.
According to him, COVID-19 pandemic, flooding, climate change, naira re-design and insecurity are some of the contributory factors to current food inflation in the country.
The minister advocated for all -year- round farming, and that the Federal Government has provided 50 percent subsidy on fertiliser to farmers already.
He also disclosed that through the Presidential directive, farmers are also supported with 75 percent subsidy on fertiliser, and that seeds, herbicides and insecticides are given to farmers free of charge.
He said the gesture from the CBN would go a long way during the dry and wet season farming in the country.
The minister disclosed that wheat farming would be upped from the current 120,000 hectares to 250,000 hectares by next year, with the support from the African Development Bank(AfDB).
On his part, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the provision of the fertiliser would help reduce the prices of foodstuffs in the markets.
He recalled that in the 2024 budget, the agricultural sector was allocated close to one trillion naira.
In his vote of thanks, Minister of State for Agriculture and Food Security, Senator Sabi Abdullahi, commended the efforts of the CBN for the timely provision of the fertilizer.
He said his ministry has been fashioning a way to weed out and block fake farmers from benefitting from the government’s financial support.