Fertiliser donation not direct intervention – CBN

The Central Bank of Nigeria (CBN) has said it has not introduced a new intervention as a result of the fertiliser it donated to farmers recently.

The CBN had last week donated 2.15 million bags of fertilisers, worth over N100 billion to farmers through the Ministry of Agriculture and Food Security to boost food production and ensure price stability.

The apex bank, in a statement, said it is leveraging the remnants of its existing fertiliser stock, which were originally blended under previous agricultural interventions.

The statement said by donating the fertilisers, the CBN ensures that they do not go to waste and actively contribute to national food security.

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The statement partly reads, “The Central Bank of Nigeria has not initiated any new intervention but has rather donated fertilisers from the remnants of its stock, which were blended under its previous interventions in the agricultural sector.

“This decision is aimed at supporting domestic agricultural production rather than allowing the fertilisers to remain unused and go to waste.”