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Food insecurity: CBN announces allocation of 2.15m bags of fertilizers worth over N100bn
The Central Bank of Nigeria, CBN, has announced the allocation of 2.15 million bags of fertilizers worth over N100 billion to the Federal Ministry of Agriculture and Food Security.
CBN Governor, Olayemi Cardoso disclosed this during his recent visit to Abubakar Kyari, the minister of agriculture and food security in Abuja.
He noted that the move was to stabilize the nation’s food production capacity and curb inflation.
He said, “The Central Bank of Nigeria places a significant emphasis on maintaining price stability as one of its primary mandates, and 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.