Wheat Importation Cost Amount To $2bn Annually – CBN

As pressure on import bill persists the central bank of Nigeria has stated that the country spends a minimum of $2 billion annually on the importation of wheats.

The central bank explained that wheat import  recorded about five million metric tons annually  in respect to importation. Policies initiated by the CBN in investigating the current impasse in the supply and value  regarding wheat production is also created to improve Nigeria’s foreign reserve.

 CBN Director, Development Finance Department, Mr. Philip Yila Yusuf, said the wheat value chain possesses great possibilities for industry level boom in the agricultural sector, he added that the central bank will pay more attention to commodity value chain for 2021/2022 dry season planting.

This action is as a result continuous progress made from the rice and maize value chain.The high level of CBN interference in the wheat production and value chain arise from the increase in aggregate demand for wheat in Nigeria and the short supply to meet existing purchases.

CBN Director, “The CBN plans to address key problems in the value chain through financing massive production of wheat in Nigeria and seeks to facilitate sustained availability of high yield seed variety in country and improve general productivity.”

The CBN also assured relevant stakeholders that the apex bank is ready for the tenacious challenge and will work together with critical sectors in the industry to achieve industry goals.