CBN Resumes Agric Funding with N100bn

In a bid to address the looming threat to food security, the Central Bank of Nigeria (CBN) has announced the resumption of its funding intervention in the agriculture sector, earmarking a substantial N100 billion for this purpose.

The move, unveiled by the CBN Governor, Mr. Olayemi Cardoso, seeks to bolster food production and alleviate the persisting challenge of inflation, currently at a staggering 29.9 percent.

Speaking at the ceremony marking the handover of 2.5 million bags of fertilizers to farmers, Governor Cardoso emphasized the pivotal role of agriculture in stabilizing prices and ensuring sustainable economic growth.

He articulated, “As we are all well aware, the Central Bank of Nigeria significantly emphasizes 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.”

Governor Cardoso underscored the necessity of collaborative efforts between the CBN and relevant government agencies to mitigate the surge in food prices and curb inflationary pressures. In alignment with this strategic shift, the CBN aims to leverage conventional monetary policy tools effectively.

The initiative entails closer partnerships with key stakeholders, particularly the Ministry of Agriculture, to enhance food productivity, security, and ultimately fortify the pursuit of price stability.

The allocation of 2.15 million bags of fertilizer, valued at over 100 billion Naira, represents a significant commitment from the Central Bank to amplify food production capabilities and foster price stabilization within the agricultural sector.

With this renewed funding initiative, the CBN aims to provide a robust framework for sustainable agricultural development, ensuring Nigeria’s resilience in the face of food security challenges.