- The Central Bank of Nigeria's governor, Godwin Emefiele, has said that Nigeria has cut food importation
- Godwin Emefiele said the country have also been able to save $21 billion in 34 months
- According to him, the reductions in food import were recorded on basic food items including rice, fish, milk, sugar and wheat
The federal government has said that Nigerian has cut its importation of food into the country.
The governor of Central Bank of Nigeria, Godwin Emefiele, said the country's monthly food import bill fell from $665.4 million in January 2015 to $160.4 million as of October 2018.
Emefiele said the reductions in food import were recorded on basic food items including rice, fish, milk, sugar and wheat.
The CBN governor said the policy on the food item and its importation would be maintained.
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“Noticeable declines were steadily recorded in our monthly food import bill from $665.4 million in January 2015 to $160.4 million as at October 2018; A cumulative fall of 75.9% and an implied savings of over $21 billion on food imports alone over that period," Emefiele said.
“Most evident were the 97.3 per cent cumulative reduction in monthly rice import bills, 99.6 per cent in fish, 81.3 per cent in milk, 63.7% in sugar, and 60.5 per cent in wheat.
“We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the Nigerian economy have been fully resolved," Emefiele added.
He also said the country have maintained a particular focus on supporting farmers, entrepreneurs and small and medium scale businesses, through our various intervention programmes.
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He said one of such programmes is the Anchor Borrower Programme which ensures that Nigeria emerged from being a net importer of rice to becoming a major producer of rice, supplying key markets in neighbouring countries.
“It is in light of the success of the Anchor Borrowers Program with regards to cultivation of rice and maize that the Monetary Policy Committee in its last meeting on the 21st of November, 2018 recommended that the Anchor Borrowers program be applied to other areas such as palm oil, tomatoes and fisheries to mention a few,” Emefiele noted.
Meanwhile, Legit.ng previously reported that the minister of agriculture and rural development, Audu Ogbeh, had said that Nigeria’s importation of rice will end in December.
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The minister spoke in Osogbo, Osun state capital when he visited Ogbeni Rauf Aregbesola, the governor of the state on a courtesy visit.
Ogbeh said Nigeria had embarked on mass rice production noting it is unfortunate that Nigeria is still spending billions of dollars on food importation. He said the ministry of agriculture has been restructured so as to meet Nigeria’s food demand.
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Source: Legit.ng