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Nigeria: N1.3tn spent on importing Rice, fish, wheat, sugar in 12 months – CBN


The Central Bank of Nigeria (CBN) has announced that Nigeria spend not less than 1.3 Trillion Naira on food importation ranging from rice, wheat, sugar and fish .

The Central Bank of Nigeria says it is currently implementing various intervention programmes that will catalyse funding to critical sectors of the economy such as agriculture and manufacturing.

The CBN Deputy Governor, Corporate Services, Mr Edward Lametek Adamu, said this on Tuesday at the 28th seminar for finance correspondents in Owerri, Imo State, Nigeria.

Adamu, who was represented by the Director, Corporate Communications Department, Mr. Isaac Okorafor, said the decision of the apex bank to undertake its developmental initiatives was borne out of the conviction that it would assist in spurring economic growth and job creation.

He noted that the apex bank had increased its lending to the agricultural and manufacturing sectors through targeted intervention schemes.

Some of these interventions programmes, he stated, include the Anchor Borrowers’ Programme, Commercial Agricultural Credit Scheme and the Real Sector Support Facility.

In particular, he said the interventions would help to improve domestic supply of four commodities.

The commodities which, according to him, consume about N1.3tn annually in the nation’s import bill are rice, fish, sugar, and wheat.

He said, “It is pertinent to note that at the Central Bank of Nigeria, our approach to stimulating economic development is three-pronged, centred on agriculture, micro, small and medium enterprises and infrastructure.”

He said so far, the development finance interventions had helped to bolster agricultural production by removing obstacles faced by small holder farmers.

According to him “Noticeable as these gains are, the media also has a critical role to play in conveying a deeper understanding of the bank’s commitment to economic growth and development”.