The Central Bank of Nigeria has said the N100 billion worth of fertilizers donated to the Federal Ministry of Agriculture and Food Security will be distributed at no cost to farmers in all 36 states of the country.
The Apex Bank in a document titled: “PARTNERSHIP TO TACKLE FOOD INFLATION: FERTILIZER DONATION”, published on its website, made it clear that it is not embarking on another development finance initiative like the previous administration.
The bank explained, “The Central Bank of Nigeria has not initiated any new intervention but has rather donated fertilizers from the remnants of its stock, which were blended under its previous interventions in the agricultural sector. These fertilizers are now being donated to farmers across the country through the Federal Ministry of Agriculture and Food Security. This decision is aimed at supporting domestic agricultural production rather than allowing the fertilizers to remain unused and go to waste. We anticipate that the fertilizers will ultimately support our overall objective of price stability which is being challenged by rising food inflation.”
The CBN said it is realigning its focus towards its core mandate of ensuring monetary and price stability, thus stopping its direct involvement in development finance interventions.
“The CBN will, however, support relevant organizations that possess the expertise and capacity to intervene directly. Consequently, the CBN decided to donate the fertilizers to Nigerian farmers through the Federal Ministry of Agriculture and Food Security, which possesses the institutional knowledge and infrastructure to effectively distribute the fertilizers to the last mile. This partnership was aimed at supporting the Federal Ministry of Agriculture and Food Security efforts to enhance food productivity and security, ultimately curbing food inflation and reinforcing the CBN’s pursuit of price stability.”
