Kayode ShopekanCENTRAL Bank of Nigeria has launched a strategy to cut wheat importation by 60% in Nigeria, improve production in the country in two years and save $2bn foreign exchange annually.
The CBN Governor, Godwin Emefiele, said “following the successes recorded in the Anchor Borrowers’ Programme, the CBN decided to extend the gains recorded in the rice and maize value chains to wheat production”
Join our WhatsApp ChannelFinancial Analyst, Pelumi Olanubi, has expressed optimism in the programme recently unveiled by the Apex bank to improve wheat production in Nigeria.
Olanubi said this is laudable, these are the kinds of schemes that the country should be funding so that the economy can grow and so that we can gradually reduce the heavy rate of importation.
“if we slash importation of wheat into the country by 60%, what it means is that our Naira will be more strengthened in the foreign market.”
She said the programme has a long term projection where wheat production would continue to be grown in and out of season, to curb importation.
150 farmers are expected to benefit from the programme all year round.
Olanubi, said that CBN has involved stakeholders in this programme, so that there can be on ground demand for the produce, so that the farmers are not discouraged.
The programme is further expected to make 2,000 metric tonnes of seeds available to farmers, which will yield 750,000 metric tonnes of wheat to national output annually, 180,000 hectares of land have already been provided for in 15 states to aid the success of the programme
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