CBN reveals start of rice production revolution ahead Xmas

CBN REVEALS START OF RICE PRODUCTION REVOLUTION AHEAD XMAS

– CBN says there is no foreign exchange to import rice but it is willing to provide interested rice farmers with the needed funds to produce the commodity locally 

– CBN governor Godwin Emefiele says the apex bank is ready to help as many states and many people as possible to join in the rice revolution




Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has disclosed that rice revolution has started in Nigeria. Leadership reports that the Emefiele said this while inspecting a CBN-supported rice farm under the bank’s Anchor Borrowers’ Programme in Ugboro Bekwarra local government area of Cross River state recently.

The CBN governor also said the apex bank does not have foreign exchange to continue to support importation of farm produce, including rice, wheat, tomato and poultry products anymore. “We in Central bank do not have foreign exchange to continue to support importation of these items. We need to be able to grow them since our land is fertile; our climate is good to support the growth of these products,” he said.

“There is no forest and because reserve is down; we need to be able to grow rice in Nigeria to feed ourselves. Not just rice, Cassava, Wheat, palm oil and even poultry products.”

Emefiele also revealed that the CBN has disbursed about N3 billion to the Cross River state government, which is meant to support the Anchor Borrowers’ Farmers that are involved in the programme.

He also assured that the apex bank will help more states and individuals that are ready to participate in its Anchor Borrowers Borrowers Programme for rice production. The CBN initiated programme has helped to establish 50 rice farms of 40kilometres each, with a bi-annual production capacity of 4-5 tons per hectare in Cross Rivers since Novembers last year when President Muhammadu Buhari launched the programme. Meanwhile, the unfavourable Forex regime and economic recession currently ravaging Nigeria has affected the volume of vehicles imported through the Nigerian ports. According to the Operations Manager, Ports and Terminal Multiservices Limited, Jack Angrish, vehicle imports have reduced from 30,000 to 6,000 in the last six months.