CBN Invests N23bn in Local Production of Rice, Sugar and Others

CBN Invests N23bn in Local Production of Rice, Sugar and Others

The Central Bank of Nigeria (CBN) on Tuesday disclosed that it has spent about N23 billion in promoting the local production of certain food items such as rice, soya beans, sugar and some other crops.

CBN governor, Mr Godwin Emefiele made the disclosure in Kebbi state while inspecting the Wasagu Soya bean project and launching the dry season farming in the state.

Emefiele was represented at the occasion by his special adviser on development finance, Mr Paul Eluhaiwe.

According to the Punch, the Wasagu Soya bean project is a partnership between the Kebbi state government and the International Capital Market Group of Lagos (ICMG).

Under the arrangement supported by the CBN, the ICMG is to provide 12kg of improved seedlings and two bags of fertiliser to small farmers and 50 kg of seedlings and 10 bags of fertiliser to large farmers.

The 5,000 farmers working on the project also received N170, 000 per hectare to take care of their running cost.

At the end of the planting season, each hectare is estimated to produce 25 bags and out of that, 4 bags will be collected as repayment for the seedlings, fertilisers and money provided.

The CBN governor explained that the apex bank was supporting the project so that more farmers could benefit from the scheme in Kebbi and other states.

He explained that the support for the local production of rice and other food items would help achieve food sufficiency in the country and simultaneously preserve the nation’s foreign reserve.

He said, “Annual consumption of rice in Nigeria is put at over 6m metric tonnes per annum. Local production is about 2.8m metric tonnes.

“We expect oil palm to be produced in Nigeria; soya bean should be turned into vegetable oil that we can consume in this country.”

Similarly, the Director, Development Finance, CBN, Dr Mudashiru Olaitan said 73,075 farmers were benefiting from the CBN Anchor Borrowers’ Programme in Kebbi alone.

Olaitan said the farmers have been linked with buyers at an agreed sum of N6,600 per bag of unprocessed rice.