Yusuf Yila, director of the CBN's development finance department, made this statement on Monday at the department's 2022 retreat in Abuja.
A growing food price has caused some alarm, but CBN actions have prevented a famine, according to Yila.
Together with other fiscal agencies and the ministry of industry, the CBN has been a driving force in guaranteeing food security in Nigeria, according to Yila.
Since the Central Bank of Nigeria (CBN) intervened in the industry five years ago to reduce dependency on imported goods, "food security in Nigeria has gotten a major boost."
The targeted credit facility has been used to "empower farmers and MSMEs with access to finance and agribusiness" across Nigeria.
In the midst of COVID 19, it provided much-needed relief to families.
If food price increases are used to cast doubt on the development finance department's efforts, I'd like to assure them that Nigeria is integrated into a larger global system in which shocks to one component have a ripple effect. Since we are not aliens, we are not completely cut off from the rest of humanity.
"While this is barely any consolation over growing food prices, had we not intervened, we may have been facing a serious food crisis and a horrific famine of historical proportions," the author writes.
We have an innovative system in place now that connects farmers with input providers and gets their goods out into the market.
We are confident that the global headwinds that have distorted outcomes for most economies throughout the world will abate, and that the entire agricultural value chain has undergone a revolution not seen before.
"Sustainability and food security are on the rise in Nigeria. The Central Bank of Nigeria's Development Finance Department is dedicated to long-term economic expansion.
Sustainable development is described as "development that fulfils the requirements of today without sacrificing the ability of future generations to meet their own needs," and while we are dedicated to improving the quality of life in the here and now, we also keep an eye on the future."
Aishah Ahmad, the deputy governor of the central bank's financial system stability directorate, also spoke at the occasion, voicing her displeasure with the low rate of loan payback.
She urged those who had benefited from CBN loans to repay the government so that others might share in the good fortune.
The Central Bank of Nigeria's (CBN) actions and interventions "have ushered in a lot of growth and effect in recent years." We were able to expand our agricultural sector and our manufacturing base, which helped us fight extreme poverty and food insecurity," Ahmad remarked.
We are fully aware of the challenges this raises, though. The most evident is the possibility that some of the loans we make won't be repaid, creating problems not only for the institution but also for the long-term viability of our goals.
Additionally, we do our best to convey to all parties involved that these are loans, not free money. Paying it forward ensures that others will have the chance to succeed just as you have.
In multiple sectors of the real estate market, the CBN claimed it has given $9.714 trillion through intervention finance programmes.
The manufacturing and industry sector received 32.6% of the bank's allocation, according to a report from the DFD made available at the retreat.
Following this, energy and infrastructure and agriculture each received 23.1% and 22.8% of the budget, respectively.
