Farmers to get N100b worth of fertiliser from CBN

The Federal Government’s push to ensure food security in the country got a huge fillip yesterday.

The Central Bank of Nigeria (CBN) delivered 2.15 million bags of fertiliser to the Ministry of Agriculture.

The N100 billion worth of fertiliser will be distributed to farmers nationwide at no cost.

Also, China has expressed its desire to “propel Nigeria’s agricultural sector to the next level.”

CBN Governor Yemi Cardoso, who handed over the fertiliser to Agriculture and Food Security Minister Abubakar Kyari in Abuja, said the gesture aligned with a core objective (food security) of the apex bank and the Agriculture ministry.

Cardoso said the initiative was also to curb the escalating cost of foodstuffs nationwide.

His words: “The CBN places a significant emphasis on 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 to food and non-alcoholic beverages.

“This reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation. ”



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