Nigeria Imports N1trn Rice, 3 Food Items AnnuallyCBN

Set aside N220bn for Farmers under ABPThe Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, on Thursday said 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 Dr. Olaitan, CBN director, Development Finance, the apex bank chief expressed dissatisfaction with the nations exceptionally high food import bill, adding that the import dependency is not acceptable and sustainable either fiscally, economically and politically.Emefiele who highlighted the CBNs plan to tackle the challenge currently facing the country, warned that global rice stocks were being depleted, with current stocks at their lowest since the 1970s.He said the Anchor Borrowers Programme was introduced in line with development initiative of CBN to bring about change in the rice industry.As part of the intervention to boost local rice production, he said the bank has set aside N220 billion for the programme to be availed to farmers at single digit interest of nine per cent.One of its achievements, he assured Nigerians would reap is creation of at least one million direct and indirect jobs in rice, oil palm, wheat, cotton and fish processing segment in the next five years.Katsina State Governor, Aminu Bello Masari, who flagged off the CBN and Katsina collaboration on rice production, unveiled his plan to ensure all year round agricultural activities in the state.Masari explained that the strategy included putting 3000 hectares under cultivation under irrigation, procurement of 7500 metric tones of fertilizer for irrigation farmers and expending N58 million different irrigation activities.The governor vowed to explore the opportunities offered by agriculture to lift the people of the state out of poverty, adding that the state is targeting no fewer than 20, 000 farmers under the ABP.Deputy Governor and Commissioner for Agriculture, Katsina State, Mannir Yakubu, said the state government earmarked about eight billion which represents nine per cent of its total budget in 2017 for agriculture.Yakubu, who is also the Co-chair of the state monitoring team for the programme, said the team worked tirelessly operationalising the CBN guidelines on the programme to ensure partnership between farmers and off-takers alongside the inputs suppliers remained mutually rewarding.
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