Central Bank Governor, Godwin Emefiele, has said that Nigeria’s monthly food import bill has helped the country gain $21bn in 34 months.
Emefiele who disclosed this at the bankers’ dinner in Lagos, noted that the reduction was recorded on rice, fish, milk, sugar, and wheat.
“Most evident was the 97.3 percent cumulative reduction in monthly rice import bills, 99.6 percent in fish, 81.3 percent in milk, 63.7 percent in sugar, and 60.5 percent in wheat.
“Noticeable declines were steadily recorded in our monthly food import bill from $665.4m in January 2015 to $160.4m as at October 2018; A cumulative fall of 75.9 per cent and an implied savings of over $21bn on food imports alone over that period.” He said
According to him, “We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the Nigerian economy have been fully resolved.”
He also explained that there’s a particular focus on supporting farmers, entrepreneurs and also small and medium scale businesses, through various intervention programmes such as the Anchor Borrowers Program, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and the National Collateral Registry.
Emefiele stressed that the Anchor Borrower Programme had made sure that Nigeria rose from being a chain importer of rice to becoming a major producer and supplier of rice.
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