CBN seeks Special Agro-Industrial Processing Zones

The Central Bank of Nigeria (CBN) has advocated the establishment of Special Agro-Industrial Processing Zones. The Zonal Coordinator South-South Development Finance Activities of the apex bank, Dr. Aniefiok Umoren, made the call when the Farm Management Association of Nigeria (FAMAN) held a fellowship award ceremony in Calabar for their 34th annual conference. He said, “These […]

The Central Bank of Nigeria (CBN) has advocated the establishment of Special Agro-Industrial Processing Zones.

The Zonal Coordinator South-South Development Finance Activities of the apex bank, Dr. Aniefiok Umoren, made the call when the Farm Management Association of Nigeria (FAMAN) held a fellowship award ceremony in Calabar for their 34th annual conference.

He said, “These SAPZs will be special economic zones located in rural areas and will be enabled with quality infrastructure to support the location of food and agribusinesses in rural areas and create markets for farmers.”

He said to speed up the development of the food value system to strengthen the linkage between agriculture and economic development there is an urgent need to finance the SAPZ.

Umoren said financial and fiscal measures should be put in place to strengthen the nexus between agriculture and economic development, especially during the COVID-19 era.

He said there should be revenue mobilization to address the adverse effects of COVID-19 on the agricultural economy and a new tax on net wealth for the purpose of increasing the revenue needed to finance public goods.

He also called for the reduction of the cost of Automotive Gas Oil (AGO) and Premium Motor Spirit (PMS) to productivity.