CBN to cut wheat importation by 60% in 2yrs

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said the apex bank is targeting to reduce wheat import by 60 per cent by 2023. Mr Emefiele stated this in Gombe on Thursday, at the flag-off of the 2020 wet season harvest aggregation and the second cycle of the 2020 dry […]

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said the apex bank is targeting to reduce wheat import by 60 per cent by 2023.

Mr Emefiele stated this in Gombe on Thursday, at the flag-off of the 2020 wet season harvest aggregation and the second cycle of the 2020 dry season distribution for the North East region under the CBN-RIFAN Anchor Borrowers’ Programme (ABP).

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He said this will happen through improved investments in wheat farming in Nigeria.

He further disclosed that the bank had financed 3,038,649 farmers cultivating 3,805,844 hectares across 21 commodities through 23 Participating Financial Institutions in the 36 states of the Federation and FCT, from the inception of the scheme till now.

He said the CBN equally financed 221,450 farmers for the cultivation of 221,450 hectares in 32 States under the 2020 wet season CBN-RIFAN partnership, adding that the North-East zone, with 44,870 farmers that cultivated 44,870 hectares, represented 20.26 per cent of farmers and hectares financed, respectively.