Post by Trade facilitator on Oct 23, 2021 11:28:18 GMT 1
Nigeria Spends A Whopping $2.0 Billion On Wheat Importation Alone Annually – CBN
The Central Bank of Nigeria (CBN) has revealed that it costs the country about $2 billion annually to import wheat into the country. This huge import bill on wheat alone is exerting so much pressure on the country’s import bill.
The CBN commenting on the country’s import bill stated that wheat was second-highest contributor to the bill, with over 5 million Metric Tons imported yearly.
The Central Bank of Nigeria restated its commitment to addressing the existing challenges facing the country in the wheat value chain as part of efforts to shore up the country’s foreign reserves.
The information was made known to the public by the CBN’s Director, Development Finance Department, Mr. Philip Yila Yusuf, at the Wheat Conference and Stakeholder Engagement, with the theme: Improving and Sustaining the Wheat Value Chain Development in Nigeria, in Abuja, the Federal Capital Territory.
He noted that the wheat value chain had enormous potential for ground-breaking impact in the agricultural sector; adding that the Central Bank would focus attention on the commodity value chain for 2021/2022 dry season planting.
This is following the sustainable progress made across rice and maize value chains in the past years. The evidence is there for everyone to see.
The CBN Director further estimated that the country produces only one percent (63,000 Metric Tons) out of the 5-6 Million Metric Tons consumed annually in the country.
The situation is not only alarming but very critical. This revelation shows how the country has fallen in providing common food for its populace. A country with such large population is not able to meet even 50% of its wheat needs.
The CBN Director said “The CBN plans to address key problems in the value chain through financing massive production of wheat in Nigeria and seeks to facilitate sustainable availability of high yield seed variety in-country and improve general productivity.”
The Director admitted the enormous challenge before the bank, which is going to require concerted efforts to address, he however assured stakeholders of CBN’s readiness in changing the narrative in the sector by working with relevant industry players.
In the same vein, the Federal Minister of Agriculture and Rural Development, Mohammed Abubakar, expressed shock and dismay that the country has continued to import wheat in these recent years, and it continued increasing. He urged stakeholders to collaborate to reverse the ugly trend by investing more in the value chain.
At the same occasion, the Governor of Kano State, Nigeria, Dr. Abdullahi Ganduje charged stakeholders in the wheat value chain to be more transparent in their dealings and to commence preparation for both farming and preparation of wheat.
The Governor maintained that partnership among stakeholders in the wheat value chain remained critical in boosting the country’s quest to be self-sufficient in the production of wheat.
Recall that earlier in March 2021, the CBN Governor, Mr. Godwin Emefiele, had indicated that the bank remained committed in improving local wheat production and reducing importation by 60% over the next two years.
On the eNaira, in the bank’s regulatory guidelines, the CBN said that the initiative would improve monetary policy effectiveness and enhance the government’s capacity to deploy targeted social interventions and boost remittances through formal channels.
The bank also explained that people will require eNaira wallets to access, use and hold the digital currency.
We sincerely believe that if the Federal Government is interested in reversing this ugly trend of abnormal wheat importation, it can be done.
Look at the case of rice and maize, gradually the country is gaining back its position on rice production and maize. New varieties of maize are being produced right now.
People are now shifting to Nigerian produced local rice as they now know that apart from being less expensive, they are more nutritious than the foreign ones.
Our company trains people and corporations in agro-export businesses, get in touch with our admin fast for more information.
The Central Bank of Nigeria (CBN) has revealed that it costs the country about $2 billion annually to import wheat into the country. This huge import bill on wheat alone is exerting so much pressure on the country’s import bill.
The CBN commenting on the country’s import bill stated that wheat was second-highest contributor to the bill, with over 5 million Metric Tons imported yearly.
The Central Bank of Nigeria restated its commitment to addressing the existing challenges facing the country in the wheat value chain as part of efforts to shore up the country’s foreign reserves.
The information was made known to the public by the CBN’s Director, Development Finance Department, Mr. Philip Yila Yusuf, at the Wheat Conference and Stakeholder Engagement, with the theme: Improving and Sustaining the Wheat Value Chain Development in Nigeria, in Abuja, the Federal Capital Territory.
He noted that the wheat value chain had enormous potential for ground-breaking impact in the agricultural sector; adding that the Central Bank would focus attention on the commodity value chain for 2021/2022 dry season planting.
This is following the sustainable progress made across rice and maize value chains in the past years. The evidence is there for everyone to see.
The CBN Director further estimated that the country produces only one percent (63,000 Metric Tons) out of the 5-6 Million Metric Tons consumed annually in the country.
The situation is not only alarming but very critical. This revelation shows how the country has fallen in providing common food for its populace. A country with such large population is not able to meet even 50% of its wheat needs.
The CBN Director said “The CBN plans to address key problems in the value chain through financing massive production of wheat in Nigeria and seeks to facilitate sustainable availability of high yield seed variety in-country and improve general productivity.”
The Director admitted the enormous challenge before the bank, which is going to require concerted efforts to address, he however assured stakeholders of CBN’s readiness in changing the narrative in the sector by working with relevant industry players.
In the same vein, the Federal Minister of Agriculture and Rural Development, Mohammed Abubakar, expressed shock and dismay that the country has continued to import wheat in these recent years, and it continued increasing. He urged stakeholders to collaborate to reverse the ugly trend by investing more in the value chain.
At the same occasion, the Governor of Kano State, Nigeria, Dr. Abdullahi Ganduje charged stakeholders in the wheat value chain to be more transparent in their dealings and to commence preparation for both farming and preparation of wheat.
The Governor maintained that partnership among stakeholders in the wheat value chain remained critical in boosting the country’s quest to be self-sufficient in the production of wheat.
Recall that earlier in March 2021, the CBN Governor, Mr. Godwin Emefiele, had indicated that the bank remained committed in improving local wheat production and reducing importation by 60% over the next two years.
On the eNaira, in the bank’s regulatory guidelines, the CBN said that the initiative would improve monetary policy effectiveness and enhance the government’s capacity to deploy targeted social interventions and boost remittances through formal channels.
The bank also explained that people will require eNaira wallets to access, use and hold the digital currency.
We sincerely believe that if the Federal Government is interested in reversing this ugly trend of abnormal wheat importation, it can be done.
Look at the case of rice and maize, gradually the country is gaining back its position on rice production and maize. New varieties of maize are being produced right now.
People are now shifting to Nigerian produced local rice as they now know that apart from being less expensive, they are more nutritious than the foreign ones.
Our company trains people and corporations in agro-export businesses, get in touch with our admin fast for more information.
