Site icon Nairametrics

Food Security: CBN donates over 2 million bags of fertiliser worth N100 billion to farmers 


The Central Bank of Nigeria (CBN) has made a substantial contribution to the agricultural sector by donating over 2 million bags of fertilizers, with a total value of N100 billion, through the Federal Ministry of Agriculture and Food Security to farmers. 

Yemi Cardoso, the Governor of the CBN, delivered the bags of fertilizers to Abubakar Kyari, the Minister of Agriculture and Food Security, during a ceremony on Wednesday in Abuja. 

According to Cardoso, the donation corresponds with the fundamental objective of both the apex bank and the agriculture ministry, which centers on food security. 

He mentioned that the initiative not only profoundly impacts the livelihoods of all Nigerians but is also aimed at reducing the rising cost of food. 

CBN working with FG to curb food inflation  

Cardoso further stated that the apex bank has implemented various measures over time to control inflation. 

News continues after this ad

However, he said that short-term inflationary pressures might persist, primarily driven by increasing food costs. 

Cardoso explained that this has led to an intensified collaboration with the Federal Ministry of Agriculture and Food Security to jointly address the surge in food prices. 

Recommended reading: Food Security: FG signs €995 million deal, to create Agric mechanization hubs in 774 LGAs

More Insights 

In his remarks, Kyari lauded the apex bank for its generous act. 

He assured the CBN governor that the fertilisers would be effectively distributed to farmers. 

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, who was also present at the event, commended the CBN for the gesture towards price stability. 

According to Bagudu, 2.15 million bags of fertilisers will go a long way towards controlling the ever-increasing cost of food.  

Exit mobile version