CBN, Heritage Bank add 750,000MT wheat to market

  The Central Bank of Nigeria (CBN) and Heritage Bank have added 750,000 metric tons to Nigeria’s local wheat market. As part of the pilot phase of the initiative, Heritage Bank financed the first-ever large-scale rain-fed wheat production in Nigeria. Speaking at the flag-off ceremony for the Brown Revolution Initiative, which was the pilot project […]

 

The Central Bank of Nigeria (CBN) and Heritage Bank have added 750,000 metric tons to Nigeria’s local wheat market.

As part of the pilot phase of the initiative, Heritage Bank financed the first-ever large-scale rain-fed wheat production in Nigeria.

Speaking at the flag-off ceremony for the Brown Revolution Initiative, which was the pilot project and to also declare the 2021 dry season farming open in Jos on Wednesday, the Deputy Governor of CBN, Edward Adamu, stated that the short-term benefit is the addition of about 2,000 metric tons (MT) of high yield seed variety to the national wheat seed stock which is 20,000MT currently.

According to him, this effort has the potential to add about 750,000MT of wheat annually through rain-fed cultivation.

He noted that only one per cent or 63,000MT of wheat, out of the five to six million metric tons consumed annually, was produced locally whilst with the Brown Revolution and in partnership with Heritage Bank and others, CBN seeks to eliminate dependence on imported wheat by 60%.

The MD/CEO of Heritage Bank, Ifie Sekibo, who frowned at the country’s increased wheat importation bills, affirmed that this strategic partnership would help reverse the trend and upscale domestic production of wheat to close the wide supply gap in the agricultural space.