Sunday, December 4, 2022

Flooding: CBN to deploy strategic grains reserve to check food inflation

The 2022 flooding is Nigeria’s worst in the last five years, with 32 out of the 36 states of the country affected.

• November 23, 2022
Godwin Emefiele
Godwin Emefiele

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the apex bank will fall back on its strategic grains reserve to check food inflation.

Speaking to reporters in Abuja on Tuesday, Mr Emefiele said the idea was to moderate food prices that could be occasioned by recent flooding across the country.

“The flooding of this year happens to be the worst in the last five years in Nigeria. 32 out of the 36 states of the country were affected adversely by the floods.

“This meant that farmers lost their crops, prices of food and other agricultural produce will go up.

“From our side at the CBN and the Federal Government, we have our own strategic reserve, particularly for rice and for grains like maize, which we will use to moderate prices,” he said.

The number one banker said the apex bank had been maintaining the strategic reserve for the past three years, adding that it was yielding results.

He said the CBN would also support dry season farming to further check food inflation.

“Since the flooding is beginning to recede, we will aggressively go into dry season programme.

“This will make sure that the impact of the rising food prices does not linger for too long, so that we can have control of prices of agricultural produce and other consumer goods,” he said.


We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

England vs Senegal


Qatar 2022: England’s Three Lions devour Teranga Lions of Senegal to reach World Cup quarterfinals

Two first half goals from Jordan Henderson and Harry Kane and another in the second half by Bukayo Saka secured England’s spot in the quarterfinals.

A composite of Atiku Abubakar and Dubai city used to illustrate the story


I may not patronise Nigerian hospitals if elected president: Atiku

Peter Obi of the Labour Party said he would use Nigerian doctors if elected president, adding that available facilities would be improved to meet global standards.

Kwankwaso and Atiku

Hot news Home top

Atiku should lower fees at his university if he’s serious about education in Nigeria: Kwankwaso

Mr Abubakar of the Peoples Democratic Party, Mr Kwankwaso and Peter Obi of the Labour Party are among the presidential candidates taking part in today’s dialogue.

A composite of Bandits and Gambo Isah used to illustrate the story.

Heading 5

Bandits shoot imam, abduct 19 worshipers inside Katsina mosque; police rescue six

The incident was first reported by resident witnesses who said that the attackers had injured and shot the chief imam and one other worshipper during prayers.

A composite of Femi Falana, Recoloured notes and President Muhammadu Buhari used to illustrate the story.


Naira Recolouring: Buhari regime breached Constitution, says Femi Falana

Mr Falana argued that the Constitution requires Mr Buhari to present a Money Bill for the withdrawal of funds that will be used to print the recoloured notes