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CBN Allocates N100 Billion to Boost Agricultural Sector

The Central Bank of Nigeria (CBN) has announced a significant funding intervention of N100 billion aimed at revitalizing the agricultural sector, addressing the nation’s food security challenges.

 

This initiative includes the procurement of 2.5 million bags of fertilizers, with Governor Mr. Olayemi Cardoso highlighting the importance of agricultural investment in bolstering food production and tackling the current inflation rate of 29.9 percent.

 

Speaking at the Ministry of Agriculture and Food Security, Governor Cardoso emphasized the CBN’s commitment to price stability and collaboration with relevant agencies to mitigate food inflation. He stated, “We aim to enhance our partnership with the Ministry of Agriculture, bolstering efforts to enhance food productivity and security.”

 

This allocation underscores the CBN’s strategic shift towards leveraging monetary policy tools to support critical initiatives, signaling a concerted effort to promote sustainable agricultural development and ensure long-term food security for Nigeria.

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