The Central Bank of Nigeria (CBN) has resumed its funding intervention for agriculture sector apparently in response to the challenges of food security in the country.

The apex bank has earmarked N100 billion to purchase 2.5 million bags of fertilizers for distribution to farmers.

The Governor of the CBN, Mr. Olayemi Cardoso, said that the investment in agriculture would increase food production and reduce inflation, currently at 29. 9 percent.

Speaking during the fertilizer handover event at the Ministry of Agriculture and Food Security yesterday, he said, “As we are all well aware, the Central Bank of Nigeria significantly emphasises 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 towards food and non-alcoholic beverages.

“This reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation rates. While the CBN has been implementing comprehensive measures to curb inflation, it is evident that in the short term, inflationary pressures may persist, predominantly driven by escalating food prices.

“This is precisely why we convened today- to strengthen our collaboration with the Ministry of Agriculture to mitigate the surge in food prices. “In alignment with our strategic shift towards focusing on our fundamental mandate, the CBN has veered away from direct quasi-fiscal interventions and transitioned towards leveraging conventional monetary policy tools for executing monetary policies effectively.

“In this light, we aim to extend our support and foster closer ties with Ministries, Departments, and Agencies (MDAs) with the mandate and expertise to undertake these critical initiatives.

“Consequently, we aim to enhance our partnership with the Ministry of Agriculture, bolstering your endeavours to enhance food productivity and security, ultimately curbing food inflation and fortifying our pursuit of 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.”

Source: https://www.vanguardngr.com/2024/03/cbn-resumes-agric-funding-with-n100bn-2/

All the fertilizers in the world WON'T change a thing if farmers keep getting kidnapped and beheaded just for setting foot in their own farmlands.

All the fertilizers in the world will make ZERO difference if the herdsmen of doom and their hellcattle are not VIOLENTLY and BRUTALLY stopped from invading and grazing on farmlands.

Sometimes it feels like the people running Nigeria have their heads so far up their assholes that they see the world through shiiit-tinted glasses. So they don't see the difference when everything actually goes to shit.

Cardumbo and Tinubu need to solve the REAL problem of Nigeria. Not the IMAGINARY ones they think Nigeria is facing.

Build fertilizer plants.

This patch patch CV CBN governor is traveling the same road they criticized and maligned emefiele for

Noted.

Great100000:

Source: https://www.vanguardngr.com/2024/03/cbn-resumes-agric-funding-with-n100bn-2/

fund waiting to be looted

Hope it doesn't end up in the hands of political farmers

Great100000:

Source: https://www.vanguardngr.com/2024/03/cbn-resumes-agric-funding-with-n100bn-2/

Another white elephant project

The agricultural products made possible from the loan will still end up in neighboring countries.

Great100000:

Source: https://www.vanguardngr.com/2024/03/cbn-resumes-agric-funding-with-n100bn-2/

money we go enter private pockets

Can we conclude Emefiele's policies were great after all or we are just going to pretend and move on?.

Same old story

DonMarkuzi:
Build fertilizer plants.

They won't have the chance to embezzle.

Give the farmers AK 47 welding soldiers to guard their farms and leave the rest.

Tinubu is trying on his own but some people are sabotaging these efforts.

A better way to loot. Pay for 2000 bags of fertilizer and claim that 2 million bags were bought

Everything they accused Emefiele of, they’ve done multiple times over in less than 6 months.

Mechanised farming, security and subsidised transport for farm produce is what farmers need.

Someone up there said political farmers will empezzle the fund.

Why not tackle core issues like insecurity, provision of financial grants, etc first? Except if you are telling me that your fertilizers will chase killer herdsmen and bandits out of my Benue for example, and provide good seeds and other consumables to the farmers

..lol...going back to the steps toed by Emefiele. These guys are clueless..cluthing at straws at best.

DonMarkuzi:
Build fertilizer plants.

That is happening
https://www.indorama.com/news/3
Nigeria is now exporting fertiliser
We need to work onprice affordability

What is the use of these if you cant guarantee their security at the bushes and farms. Dem wan tiff this money if not the best thing to do na to setup fertilizer processing plant

yemmight:
Tinubu is trying on his own but some people are sabotaging these efforts.

99thEnemy:
The agricultural products made possible from the loan will still end up in neighboring countries.

free2ryhme:


money we go enter private pockets

[q

free2ryhme:


fund waiting to be looted

uo

Namaster:
All the fertilizers in the world WON'T change a thing if farmers keep getting kidnapped and beheaded just for setting foot in their own farmlands.

All the fertilizers in the world will make ZERO difference if the herdsmen of doom and their hellcattle are not VIOLENTLY and BRUTALLY stopped from invading and grazing on farmlands.

Sometimes it feels like the people running Nigeria have their heads so far up their assholes that they see the world through shiiit-tinted glasses. So they don't see the difference when everything actually goes to shit.

Cardumbo and Tinubu need to solve the REAL problem of Nigeria. Not the IMAGINARY ones they think Nigeria is facing.

te author=Obakoolex post=128943377]Hope it doesn't end up in the hands of political farmers[/quote]
Nigeria problem has so many dimensions

Same things the clowns crucified Emefiele for,they are also doing.
Just watch out,years down the line it will also be found out this one was giving out loans and special intervention to cronies

This is long overdue.

Government must fully utilize this planting season if we must defeat this eminent food cost. Just pray it doesn't get to wrong hands. Because na everyday billions dey miss for this country

Lol people will resell the Fertilizer.....



The last fertilizer I bought get Not For Sell tag on it and the Nigeria quote of arm on the sack...

Great100000:

Source: https://www.vanguardngr.com/2024/03/cbn-resumes-agric-funding-with-n100bn-2/

FG should make the farm save for the farmers before this escalated billions disburse to them.

DonMarkuzi:
Build fertilizer plants.

That would safe alot........but not sure raw materials are readily available in large quantities.

Great100000:

Source: https://www.vanguardngr.com/2024/03/cbn-resumes-agric-funding-with-n100bn-2/

so how do we access this fertilizer, pls farmers in the house, thank you