The Central Bank of Nigeria (CBN) contributed N100 billion worth of fertilizers, which the federal government would soon start distributing.
Sen. Abubakar Kyari, the Minister of Agriculture, stated that the action is being taken in anticipation of the approaching rainy season farming.
He said that by raising domestic production of staple crops, the Federal Government was improving food security.
Kyari stated that 2.15 million bags of different fertilizers, supplied by the Central Bank of Nigeria (CBN), would be given to Nigerian farmers by the ministry.
He stated, “Well, the CBN has donated 2.15 million bags of various fertilizers.” We are currently in the process of obtaining such fertilizers.
“Wet season farming has begun in those areas, so we will begin distributing these fertilizers there,”
John Deere donates tractors
In addition, Kyari said that the John Deere Group donated 500 tractors to the ministry to improve mechanized farming, increase output, and ensure food and nutrition.
He clarified that the goal of this program was to support President Bola Tinubu’s emergency proclamation on food security by promoting farming activities and nutrition security.
The minister reaffirmed the commitment of the federal government to promote food and nutrition security through automation.
He said that cooperative, small-scale, and large-scale farmers around the country would be able to purchase the tractors at reasonable prices.
History
To fight food insecurity, the CBN gave the Ministry of Agriculture more than two million bags of fertilizer last year. The public, however, identified this project as a component of a development finance program, in which the apex bank had previously pledged not to participate.
- Later, Yemi Cardoso, the governor of the CBN, confirmed that the fertilizers were bought when the development finance program was still in effect during the previous administration. The governor had issued a warning, during the CIBN dinner, saying that the apex bank is unable to carry out these interventions, which have cost over N10 trillion.
- A year ago, the CBN urged banks to start collecting the existing debt and stopped accepting new applications for its development funding program.
“Therefore, the CBN would be transitioning into more restricted policy advisory roles that support economic growth,” the statement read.
“The CBN wishes to notify you that it has stopped accepting new loan applications for processing under any of its existing intervention programs and schemes in consideration of the above.”
- According to an official assessment released in March, food inflation in Nigeria reached a startling 1%, and 16% of Nigerians were predicted to be food insecure during the lean season, which began in June.
