The Federal Government through the Central Bank of Nigeria (CBN), is set to reduce wheat importation by 60 per cent over the next two years under its import substitution programme.
The CBN, the financial institutions regulatory agency, said this in Gombe at the flag-off of the 2020 wet season harvest aggregation and the second cycle of the 2020 dry season distribution.
According to the Governor, CBN, Mr. Godwin Emefiele; “CBN is committed to improving local production of wheat and reducing importation by 60 per cent over the next two years.
” There is therefore no need to panic over the current prices of major staple food items”.
He also lauded the resilience of the farmers in the country, who continued to farm in order to ensure food sufficiency in Nigeria despite the challenges caused by insecurity in some parts of the country.
Emefiele, however, warned hoarders and smugglers of products such as rice to stop from doing so, noting the CBN is collaborating with relevant agencies to ensure the stability of food prices in Nigeria.
“It is also encouraging news which presents different narratives which portend that most of our farmers are unable to go to their farms due to nationwide insecurity,” he said.
He further explained that the CBN has financed 3,038,649 farmers cultivating 3,805,844 hectares across 21 commodities through 23 participating financial institutions in the 36 states of the Federation and Federal Capital Territory, Abuja, from the beginning of the scheme till now.