CBN Predicts Increased Food Production as FG Improves Security in North-East

The Central Bank of Nigeria (CBN) has predicted an improvement in food production in the country, following the Federal Government’s efforts to improve security in the North-East.

Speaking at the end of the 298th Monetary Policy Commitee (MPC) meeting in Abuja yesterday, the CBN Governor, Olayemi Cardoso said: “Members commended the efforts of the Federal Government for the improved security, especially in the North-East of the country, which would likely improve food production.”

The CBN noted that the improved security has led to a moderation in the prices of farm produce, which is expected to continue in the coming months.

The Governor stated that the MPC “noted the moderation in the prices of farm produce and commended the efforts of the Federal Government in driving increased productivity in the agricultural sector.”

This development is expected to have a positive impact on the country’s food inflation, which has been a major concern for the CBN.

The food inflation rate rose to 39.16% in October 2024, from 37.77% in September.