The Central Bank of Nigeria (CBN) on Wednesday, allocated a total of over two million bags of fertilizers, worth over one billion naira to the Federal Ministry of Agriculture and Food Security.
This according to Olayemi Cardoso, the governor of CBN, is aimed at enhancing the nation’s food production capacity and security, curbing inflation and ultimately ensuring price stability.
Cardoso who disclosed this during his visit to Abubakar Kyari, the minister of Agriculture and Food Security in Abuja, noted that while the CBN has been implementing several measures to curb inflation, in the short term, the inflationary pressures have remained predominantly driven by escalating food prices.
He said, “The Central Bank of Nigeria places a significant emphasis on maintaining price stability as one of its primary mandates and food prices is a crucial component of inflation, especially considering that a substantial portion of household expenditure in Nigeria is allocated towards food and non-alcoholic beverages.
“This reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation rates.”.
