How CBN naira swap, election halt agricultural activities

The ongoing naira swap of Central Bank of Nigeria (CBN) and the just concluded presidential and governorship elections in the country have been said to be responsible for the slow pace of agricultural projects meant to have been executed at the Federal Ministry of Agriculture and Rural Development ( FMARD) for food security in the country.

 Also, the occurrences may have halted the farming activities expected to impact positively on the prices of food in the first quarter of the year 2023 across the country. Foodfarmnews gathered.

Our visit to the FMARD revealed low activities occasioned by CBN naira swap and just concluded elections have been said to have halted the financial flow of funds from the ministry and other donor agencies currently supporting agricultural activities in the country.

 A source in the ministry disclosed that the lack of funds is seriously having a negative impact on food production as it is suspected that things might not get any better until after the swearing-in of the President-elect, Alhaji  Bola Ahmed Tinubu, adding that the issue of cash release is also attributed to the CBN’s recent policy on change of naira that has put business activities to a standstill.

Another source pointed that farmers are anxiously waiting for the usual support in the areas of improved inputs supply that will assist in increased food production from the FMARD since rains have started as predicted by the Nigerian Meteorological Agency ( NIMET) , saying making improved seeds and fertilizers inputs available would positively be impacted on the prices of food items in the running year.