Farmers to get CBN’s N100b worth of fertiliser

Federal Government’s push to ensure food security in the country got a huge fillip yesterday.

The Central Bank of Nigeria (CBN) delivered  2.15 million bags of fertiliser to the Ministry of Agriculture.

The N100 billion worth of fertiliser will be distributed to farmers nationwide at no cost.

Also, China has  expressed its desire to  “propel Nigeria’s agricultural sector to the next level.”

CBN Governor Yemi Cardoso, who handed over the fertiliser to   Agriculture and Food Security Minister Abubakar Kyari in Abuja, said the gesture aligned with a core objective (food security) of the apex bank and the Agriculture ministry.

Cardoso said the initiative was also to curb the escalating cost of foodstuffs nationwide.

His words: “The CBN places a significant emphasis on 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 to food and non-alcoholic beverages.

“This reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation. ”

He also said that the  CBN  was not only firmly implementing measures to curb inflation but was strengthening collaboration with the  Agriculture ministry to attain the measure.

Cardoso said: “But in the short term, the inflationary pressure may persist, predominantly driven by escalating food prices.

“This is why we are strengthening our collaboration with the Federal Ministry of Agriculture and Food Security with the shared objective of mitigating the surge in food prices.

“The CBN has veered away from direct quasi-fiscal intervention and transiting towards leveraging conventional monetary policy tools for executing monetary policy effectively.

“We want to extend our support and closer ties with the Ministry, Departments and Agencies (MDAs) that bear this mandate.

“And we aim to enhance our partnership with the Agriculture ministry to enhance food productivity and security. ”

The minister commended the apex bank for the donation and assured that the fertiliser would be effectively distributed to farmers.

“We will deliver the fertilisers to the farmers and ensure its judicious use to address the galloping inflation, ” Kyari said.

Budget and Economic Planning Minister Atiku Bagudu, who was  present at the event, also hailed   the CBN for the gesture

He said the fertiliser would go a long way towards controlling the increasing cost of foodstuffs.

Also in Abuja, Nigeria and China agreed to explore deeper economic partnership, especially in the area of  Agriculture.

Ministry of Budget and Economic Planning said in a statement by its Director (Information), Julie Osagie-Jacobs, that the plan was agreed on during a visit by a representative of the China Africa Economic and Trade Promotion Council (CAETPC) to   Bagudu.

Bagudu, according to the statement,  noted the potential for mutual learning and growth between the two nations.

He highlighted the numerous investment opportunities in  Nigeria, and suggested that collaboration in Agriculture could pave the way for Chinese companies to invest in infrastructure projects as well.

“Considering our responsibility for bilateral economic relations,” the Minister explained, “if we are cooperating in agriculture, it’s easier for us to get your companies to invest in infrastructure too,” the minister said.

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CAETPC representative, Li Zhensheng, referred to  China and Nigeria’s shared experiences and vast potential for collaboration in various areas.   

“Our visit aims to share ideas and promote cooperation between China and Nigeria in these key areas. Nigeria’s vast land resources hold immense potential for agricultural modernisation. We believe cooperation can propel Nigeria’s agricultural sector to the next level,” Zhensheng said.

He also emphasised  CAETPC’s role as a bridge between the Nigerian and Chinese governments, facilitating smooth project coordination and implementation.

Obi wants  farmers  secured

Meanwhile, Labour Party’s presidential candidate in the 2023 election,   Peter Obi has urged the  Bola Tinubu-led Federal Government to double efforts in securing farmers.

He said in a brief statement posted on X (formerly Twitter)  that doing so would help the nation increase food production.

Obi pointed out that without an increase in the production of food, there can be no reduction in hunger.

The former presidential candidate said he was alarmed when in January 2023, the Cadre Harmonisé, a UNICEF publication indicated that nearly 25 million Nigerians were at risk of hunger.

“With the high level of insecurity and terror attacks in many parts of the country hindering farmers from their agricultural activities, and management of our monetary policies impacting negatively on small businesses in the agricultural sector, the government must secure farmers and give them adequate support for increased food production,”  he said.