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June 17, 2024

‘Not New Intervention,’ CBN Speaks on Fertiliser Donated to Boost Food Production

The Central Bank of Nigeria has said that it has not introduced a new intervention as a result of the fertiliser it donated to farmers recently.

The apex bank disclosed this in a statement uploaded to its website on Saturday.

It said that it is leveraging the remnants of its existing fertiliser stock, which were originally blended under previous agricultural interventions.

The document noted that, by donating these fertilisers, the CBN ensures that they do not go to waste and actively contribute to national food security.

It added that the ultimate goal is to stabilise prices in the face of mounting food inflation.

The CBN also clarified why it channelled the fertiliser through the Ministry of Agriculture and Food Security, stating that the recent shift in focus aligns with its core mandate of maintaining monetary and price stability.

As part of this realignment, the CBN said it has stepped back from direct involvement in development finance interventions. Instead, it now collaborates with competent organisations, such as the Federal Ministry of Agriculture and Food Security, which possess the necessary expertise and capacity to intervene effectively.

This partnership underscores the commitment of both the CBN and the Ministry to address food inflation and ensure a sustainable agricultural sector for Nigeria’s future. Farmers can expect timely access to fertilisers, enhancing crop yields and contributing to overall economic stability.

The statement partly reads, “The Central Bank of Nigeria has not initiated any new intervention but has rather donated fertilisers from the remnants of its stock, which were blended under its previous interventions in the agricultural sector.

“These fertilisers 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 fertilisers to remain unused and go to waste.

“We anticipate that the fertilisers will ultimately support our overall objective of price stability, which is being challenged by rising food inflation.

“As stated by the Governor of the Central Bank of Nigeria on several occasions, the CBN 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.”

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