The Federal Ministry of Agriculture and Food Security, has received a total of 2.15 million bags of fertilizers, worth over N100 billion from the central Bank of Nigeria (CBN) to boost food production, address rising inflation and ensure food prices stability.
The governor of the Apex bank, Olayemi Cardoso who handed over the fertilizers to the minister of Agriculture and food security, Abubakar Kyari, explained that while transient inflationary pressures may persist, the government anticipates substantial alleviation by the third quarter of 2024.
The increasing cost of food commodities in Nigeria has become a serious cause for concern in recent times. The situation became more complex after President Bola Tinubu removed fuel subsidy.
The ripple effects of the policy became more evident in the skyrocketing prices of goods and services on a daily basis. To address the situation and support farmers produce more, the central bank of Nigeria is contributing a total of 2.15 million bags of fertilizers, worth over N100 billion for increased food production and price stability.
According to Cardoso, the APEX Bank is committed to prioritising price stability and instilling confidence in the Nigerian economy by upholding consumer price stability and ensuring a balanced foreign exchange market.
For him Food prices are crucial component of inflation, especially considering that a substantial portion of household expenditure in Nigeria is allocated towards food and non-alcoholic beverages, informing the need to address food inflation as a pivotal aspect of managing overall headline inflation rates.
Editor: Ena Agbanoma
