CBN Says Cutting Wheat Import by 60% Will Save Nigeria $2bn FX Annually
US DOLLAR BUNDLES
By Our Reporter
The Central Bank of Nigeria (CBN) on Tuesday said it has plans to save about $2 billion annually in foreign exchange by reducing wheat importation by 60 percent in two years.
The CBN Governor, Mr. Godwin Emefiele, who said this while flagging off first ever rain-fed wheat programme said with the success in the Anchor Borrowers’ Programme (ABP), the apex bank was extending the gains recorded in the rice and maize value chains to wheat production.
He described the wheat value chain intervention which is being spearheaded by the CBN as targeted at eliminating wheat importation or reduce its insignificantly.
He disclosed that the programme is designed for 15 states.
The CBN Governor who was represented on the occasion by the CBN Deputy Governor, Corporate Services Directorate, Mr. Edward Adamu, said Nigeria spends about $2 billion annually on 5.2 metric tonnes wheat importation.
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