CBN speaks out on fertilizer donations to boost food production

THE Central Bank of Nigeria (CBN) has provided details concerning It is recent Don of 2.15 million Bags of fertilizers has Farmers through THE country through THE Federal Ministry of Agriculture And Food Security.

THE CNB had on Wednesday donated fertilizers estimated has on N100 billion has current walk prices, aimed has support domestic agricultural production And address rising food inflation.

Inflation In Nigeria has continued has increase largely because of THE high cost of food items. As of FEBRUARY, THE country annual inflation rate pink has 31.70 by hundred Since 29.90 by hundred In January.

In her REMARK, THE Governor of THE Central Bank of Nigeria, Olayemi Cardoso, said THE bank East engaged has price stability, recognize THE significant impact of food prices on inflation. Grateful persistent inflationary the pressures, particularly In food prices, he underlines collaboration with THE agriculture ministry has address these challenges.

"This strengthens THE critical need has address food inflation as A pivot appearance of manager generally big title inflation rates. While THE CNB has has been execution complete measures has sidewalk inflation, he East obvious that In THE short term, inflationary pressures can persist, mostly led by escalation food prices," M Cardoso said.

THE summit bank governor had on supposing desk suspended all direct interventions In THE real sector of THE economy saying he was not THE summit banks mandate.

In A note published on It is website on SATURDAY, THE bank said he has not initiated any of them new intervention but has instead donated fertilizers Since THE remains of It is action, which were blend below It is previous interventions In THE agricultural sector.

"These fertilizers are NOW be donated has Farmers through THE country through THE Federal Ministry of Agriculture And Food Security. This decision East aiming has proof domestic agricultural production instead that allowing THE fertilizers has stay unused And go has waste. We anticipate that THE fertilizers will Ultimately support OUR generally objective of price stability which East be disputed by rising food inflation," he said.

On Why THE fertilizers were released has THE ministry, THE CNB said he East realignment It is to focus towards It is heart mandate of ensure monetary And price stability, Thus stop It is direct participation In development finance interventions.

However, he said he will support relevant organizations that possess THE skill And ability has to intervene directly.

THE bank said THE Partnership was aiming has proof THE of the ministry efforts has improve food productivity And security, Ultimately brake food inflation And to strenghten THE CBN pursuit of price stability.

READ ALSO: CBN: Braking Corruption, inflation by Murder Manners And Means, By Abdoulrahman Abdoulrahem

Addressing concerns about THE distribution process, THE CNB declared that he collaborated with THE ministry due has It is skill And Infrastructure For effective delivery has Farmers. He Also clarified that they will be distributed has Farmers free of charge has improve agricultural productivity And Ultimately contribute has price stability.

Giving details of THE donated fertilizers, he said THE 2.15 million Bags content miscellaneous mixtures of fertilizers, with each bag of fertilizer weighing 50 kilograms.

A breakdown of THE donated fertilizers understand 545,000 Bags of NPK 20-10-10, 542,200 Bags of NPK 27-13-13, 378,091 Bags of NPK 15-15-15, 635 444 Bags of UREA, And 50,000 Bags of SSP.

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