Central Bank of Nigeria says importation of Rice and other commodities worth over 1 Trillion Naira Annually

   

  The Governor of Central Bank of Nigeria ,CBN, Godwin Emefiele, says  rice, wheat and two other top import commodities in the country consume over one trillion naira in foreign exchange annually.

   Emefiele made this known at the launch of Katsina State and CBN Anchor Borrowers’ Programme on rice for 2016/2017 dry season farming at Jibia Irrigation Scheme Site, Jibia, Katsina State.
Represented by the CBN director, Development Finance, Dr. Olaitan , he said that the apex bank chief expressed dissatisfaction with the nation’s “exceptionally high” food import bill, adding that the import dependency is not acceptable and sustainable either fiscally, economically and politically.

   Emefiele said that the Anchor Borrowers’ Programme was introduced in line with development initiative of the CBN to bring about change in the rice industry, stating that as part of the intervention to boost local rice production, the bank has set aside N220 billion for the programme to be availed to farmers at single digit interest of nine per cent.