The Minister of Agriculture and Food Security, Senator, Abubakar Kyari, has commended the Central Bank of Nigeria’s (CBN) donation of 2.15 million bags of fertiliser, valued at over 100 billion naira to the agriculture sector.
Expressing his happiness during Olayemi Cardoso’s visit to his office in Abuja on Wednesday, Kyari said Fertilizer constitutes the majority cost value in terms of inputs in any agricultural production.
“As you said this is more than goodies I believe so and something that is worth more than a N100 billion 2.15 million assorted bags of fertilizers and I think will soon get the different types of fertilizers; urea, NPK 20, 10;10;15;15;15, and I believe also SSP is also among those ones that would be presented.
“We want to express our profound appreciation on behalf of the Nigerian farmers, first to His Excellency, the President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu, and to you, our dear brother, the Governor of Central Bank of Nigeria and your team for giving us this wonderful gift.
“I assure you that it will be judiciously used and we will deliver it to the last man, intended persons and farmers, where they can reap the benefits of this huge gesture in turn to cultivate and produce more that will withstand the galloping food inflation that is affecting our country,” he said
In his remarks, Abubakar Kyari noted that the agriculture sector had recently been challenged by the COVID-19 pandemic, flooding, climate change as well and the Naira redesign policy, which according to had adversely affected farmers at the grassroots.
“So those effects and some conflicts here and insecurity there, really impacted on the agricultural production. But I’m happy to say that most of those things that I mentioned are on the decline, insecurity is on the decline. Also, we are beginning to mitigate against climate change by incentivizing farming activities in agriculture
“But with Mr. President’s intervention. We have gone a bit further again, to support farmers in terms of the other percentage.”
The Minister speaking further stressed the need to boost repairs of irrigation infrastructure to support the all-year farming system in the country.
Addressing the Minister, the governor of CBN, Olayemi Cardoso, said the donation is aimed at enhancing the nation’s food production capacity and security, curbing inflation and ultimately ensuring price stability.
“In pursuit of these shared goals, we are delighted to announce the allocation of 2.15 million bags of fertiliser, valued at over 100 billion naira, which we humbly hand over to the Ministry of Agriculture and Food Security. This contribution from the Central Bank aims to amplify food production capabilities and foster price stabilization within the agricultural sector.
“My team and I reiterate our unwavering commitment to prioritising price stability and instilling confidence in the Nigerian economy by upholding consumer price stability and ensuring a balanced foreign exchange market.
“Despite the prevailing challenges posed by inflation and currency depreciation, we remain resolute in our determination to surmount these obstacles. While transient inflationary pressures may persist, we anticipate substantial alleviation by the third quarter of 2024, coupled with diminished exchange rate strains. Our resolve lies in implementing policies that cultivate a resilient macroeconomic environment and enhance the welfare of all Nigerians,” he assured.
The minister of Budget and Economic Planning and former Governor of Kebbi State, Abubakar Bagudu, in his remarks, noted that Nigeria was not alone in the issue of high food prices, which according to him is escalating due to the high cost of energy.
He commended the efforts of the CBN, stating that the efforts aimed at addressing food challenges in the country must be encouraged.
“We are competing with other countries in the world and agriculture is the most distorted in international trade and because of that, collaboration between institutions is necessary,” he said.
