The Federal Government's efforts to ensure food security received a significant boost as the Central Bank of Nigeria (CBN) delivered 2.15 million bags of fertilizer worth N100 billion to the Ministry of Agriculture. The fertilizer will be distributed to farmers nationwide at no cost, aiming to alleviate the escalating cost of foodstuffs and enhance food productivity and security. CBN Governor Yemi Cardoso handed over the fertilizer to Agriculture and Food Security Minister Abubakar Kyari in Abuja, highlighting the importance of addressing food inflation and maintaining price stability as primary mandates.
China has also expressed its commitment to propelling Nigeria's agricultural sector to the next level. During a visit by a representative of the China Africa Economic and Trade Promotion Council (CAETPC) to Minister of Budget and Economic Planning Atiku Bagudu, both nations agreed to explore deeper economic partnership, especially in agriculture. Bagudu noted the potential for mutual learning and growth, suggesting that collaboration in agriculture could pave the way for Chinese investment in infrastructure projects in Nigeria.
The CBN's initiative to provide fertilizer at no cost aligns with its core objective of ensuring food security and curbing inflation. The Ministry of Agriculture and Food Security commended the apex bank for the donation and pledged to distribute the fertilizer effectively to farmers. Meanwhile, the agreement between Nigeria and China to deepen economic partnership, particularly in agriculture, signifies a strategic move towards enhancing agricultural modernization and boosting food production in Nigeria.
