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Nigeria: How Emefiele changed narrative in agriculture sector

Published Jun 24, 2021

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Abuja — Recently the Central Bank of Nigeria (CBN) through its Anchor Borrowers Programme (ABP) unveiled its first rice pyramids in South-west Nigeria, specifically in Ekiti State. The unveiling was a follow up to the one done in Kebbi and Gombe states where the apex bank also unveiled 13 rice pyramids which housed 50kg bags of rice numbering 200,000.

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It is not only rice, recently in Katsina State, the bank working with Maize Association of Nigeria (MAAN) also unveiled the first maize pyramid in Nigeria. These exercises clearly showed that Nigeria is on the match towards self-sufficiency in food. This is a clear departure from what the situation was before the present governor of CBN, Mr. Godwin Emefiele assumed office in 2014. As at 2014, Nigeria was spending N1.3 trillion worth of foreign exchange on the importation of food. This was despite the huge investment made in agriculture by the immediate past administration. That was even an improvement, between 1990 and 2011, Nigeria imported an average of N1.923 trillion worth of commodities per annum. In essence, the nation imported about N1.0 billion worth of food per day in the period. This was about $9.28 million worth of food per day in the period. The result reveals that although the country had a positive trade balance (on the aggregate) annual food import bill was in ...
Source: All Africa
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