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Over $2bn Spent Annually on Wheat Importation – CBN

The Central Bank of Nigeria (CBN) has revealed that over $2 billion is spent on the importation of wheat annually in Nigeria.

This was disclosed by the CBN Director, Development Finance Department, Mr. Philip Yila Yusuf, during the Wheat Conference and Stakeholder Engagement, themed “Improving and Sustaining the Wheat Value Chain Development in Nigeria,” held in Abuja.

Yusuf noted that wheat was Nigeria’s second-highest food import bill contributor with over five million Metric Tonnes (MT) imported yearly.

He noted that the wheat value chain had enormous potential for a ground-breaking impact in the agricultural sector adding that the CBN will focus its attention on the commodity value chain for 2021/2022 dry season planting.

According to him, only one percent (about 63,000 metric tonnes) of wheat out of the five to six million metric tonnes (MT) of wheat consumed in Nigeria is produced locally.

Yusuf further stated that the CBN intervention had become critical due to the high demand for wheat in the country as well as the inability to meet that demand.

“The CBN plans to address key problems in the value chain through financing massive production of wheat in Nigeria.

“It seeks to facilitate sustained availability of high yield seed variety in the country and improve general productivity,” he said.

Yusuf reaffirmed the CBN’s commitment to addressing the existing challenges in the wheat value chain as part of efforts to shore up the country’s foreign reserves.

He also assured stakeholders of its readiness in changing the narrative in the sector by working with relevant industry players.

The post Over $2bn Spent Annually on Wheat Importation – CBN appeared first on AgroNigeria.

Sourced from Agro Nigeria

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