To Stem Food Inflation, Achieve Price Stability, CBN Gifts N100bn Fertilisers to Farmers
The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday announced the allocation of 2.15 million bags of fertiliser, worth over N100 billion to the Federal Ministry of Agriculture and Food Security for disbursement to farmers to enhance agricultural production in the country.
Cardoso said the donation was part of the apex bank’s contribution towards amplifying food production capabilities as well as fostering price stabilisation within the agricultural sector amid high food inflation.
In its Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities, the National Bureau of Statistics (NBS) disclosed that food inflation increased by 11.10 per cent year-on-year to 35.41 per cent in January compared to 24.32 per cent in January 2023.
Speaking at a meeting with the Minister of Agriculture and Food Security, Senator Abubakar Kyari, alongside Minister of Budget and Planning, Senator Abubakar Bagudu, and deputy governors of the apex bank, Cardoso said the central bank’s intervention not only seeks to address the core objectives of the bank, and the ministry of agriculture but also resonates deeply with the livelihoods of all Nigerians, particularly the escalating cost of food in the country.
He said maintaining price stability remained one of the primary mandates of the CBN while food prices are a crucial component of inflation, especially considering that a substantial portion of household expenditure in the country is allocated towards food and non-alcoholic beverages.
The CBN governor, therefore, emphasised the critical need to address food inflation as a pivotal aspect of managing overall headline inflation rates
