The Central Bank of Nigeria (CBN) has handed over fertilizers worth N100 billion to the Federal Ministry of Agriculture and Food Security to enhance food production nationwide. During a ceremony at the ministry’s headquarters in Abuja, CBN Governor Olayemi Cardoso presented 2.15 million bags of fertilizers to Minister Abubakar Kyari.
Addressing attendees, Cardoso emphasized the CBN’s commitment to maintaining price stability, highlighting the significant impact of food costs on inflation. He noted that a substantial portion of household spending in Nigeria goes towards food and non-alcoholic beverages, underscoring the importance of addressing food inflation to manage overall inflation rates effectively.
Despite the CBN’s efforts to mitigate inflation through various measures, Cardoso acknowledged that inflationary pressures, particularly from rising food prices, persist. However, he expressed optimism that these pressures would ease by the third quarter of 2024, indicating a positive outlook for inflation management. The fertilizer handover aligns with the government’s broader strategy to enhance food security and alleviate inflationary pressures in the country.
Source: PUNCH