Nigeria Spends $2 💵billion on wheat importation annually(CBN)

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Written by;

ABDULGANIYU IBRAHEEM

U18mm1036

The country's apex bank, the Central Bank of Nigeria (CBN) have disclosed that the country spends about $2bn annually on the impttation  of wheat. 


This was revealed by the Director of the CBN development finance department, Mr Philip Yila Yusuf, yesterday in abuja at  the wheat conference and  stakeholder engagement, with the theme "Improving and sustaining the wheat value chain development in Nigeria."


He however emphasized on the enormous potential of the wheat value chain for ground breaking impact in the country's agricultural sector, and  stated  that the Central Bank of Nigeria soughts to pay more attention on the wheat value chain for 2021/2022 dry season planting following the sustainable progress across the rice and maize value chain. 


Furthermore, the Director estimated the percentage of the metric tons of wheat consumed annually to be about 6 million metric tons, which only one percent (63, 000 MT)  was produced annually. 

He said the CBN had to interven in the problem due to the excess demand for wheat in the country which the country is inable  to meet that demand. 

He stated that"That the CBN plans to address key problems in the value chain through financing massive production of wheat in Nigeria and seek to facilitate sustained availability of high yield seed variety in the  country and improve general productivity". 

At the conference, minister of Agriculture, Mohammed Abubakar, who could not but expressed his dismay over the excess importation of wheat into the country. And therefore encouraged stakeholders to collaborate by investing more in the value chain. 


Speaking at the conference also, the governor of kano state, Abdullahi Ganduge, who was represented by his deputy, Nasiru Gawuna, imployed stakeholders in the wheat value chain to be transparent in their dealings. Furthermore, he urged them to start preparation for both farming and production of wheat.


He further made it known, that partnership among stakeholders in wheat production value chain remained critical in boosting the country's quest to be self sufficient in wheat production.

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