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CBN Says Nigeria Spends Billions On Wheat Importation Yearly

CBN Says Nigeria Spends Billions Wheat On Importation Yearly

The Director of CBN Development Finance Department, Yila Yusuf has disclosed that Nigeria spends $2 billion on the importation of wheat every year.

The Cable reports that the director revealed this at the wheat conference and stakeholder engagement in Abuja.

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According to The Cable, the theme of the conference was ‘Improving and Sustaining the Wheat Value Chain Development in Nigeria’. Jamb Results

Yila Yusuf said the CBN plans to focus its attention on wheat value chain for 2021/2022 dry season planting after sustainable progress across the rice and maize value chains. Furthermore, he explained that the CBN intervention had become critical due to the high demand for wheat in Nigeria and the inability to meet that demand.

Yila Yusuf said, “The CBN plans to address key problems in the value chain through financing massive production of wheat in Nigeria and seeks to facilitate sustained availability of high yield seed variety in country and improve general productivity”.

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According to The Cable, Yila Yusuf said that wheat was the second-highest contributor to the country’s food import bill, putting pressure on the country’s foreign reserve as over $2bn was spent annually on the importation of over five million metric tonnes (MT) of wheat. Information Guide Nigeria

Also speaking at the conference, the Minister of Agriculture and Rural Development, Mohammed Abubakar, lamented that the country’s wheat importation and wheat import bills had continued to increase in recent years.

Mohammed Abubakar called on stakeholders to partner with each other to reverse the trend by investing more in the value chain and making more investment

Governor of Kano, Abdullahi Ganduje, commended the CBN for their efforts in boosting the commodity value chain and called on stakeholders in the wheat value chain to be transparent in their dealings.

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He added that they should commence preparation for both farming and production of wheat.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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