CBN Launches Initiative to Cut Wheat Importation by 60%, to Save $2bn Annually

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday flagged-off the first ever rain-fed wheat programme in the country, seeking to slash the importation of the food commodity by 60 per cent as well as save $2 billion annually in foreign exchange.

The CBN Governor, Mr. Godwin Emefiele, said the programme will benefit over 150,000 farmers and would be implemented in 15 states of the federation for a start.

He also said that the programme would be implemented on about 180,000 hectares of land.

Speaking at the flag-off ceremony for the Nigerian Brown Revolution, which is a CBN wheat value chain intervention in Jos, Plateau State, Emefiele said the programme will address the impact of wheat importation on foreign exchange.

Represented at the occasion by CBN Deputy Governor, Corporate Services Directorate, Mr. Edward Adamu, the CBN governor said the country spends about $2 billion annually importing 5.2 metric tonnes of the commodity to meet local demand.

Details later….