10 April 2018

Nigeria: CBN Spends N55 Billion On Rice Production in 2 Years

Photo: Nicholas Ibekwe/Premium Times
Farmer Yusuf Usman.

The Central Bank of Nigeria (CBN) said it spent N55billion on boosting rice production through the Anchor Borrowers programme in the last two years.

The CBN acting director Corporate Communications, Mr Isaac Okorafor disclosed this at the 25th edition of the Seminar for Finance Correspondents and Business Editors holding in Uyo, Akwa Ibom State.

He said the programme has been successful, as at least 2.5 million metric tonnes has been added to the already 2.5 million metric tonnes Nigeria was already producing.

He said following the success, CBN will expand the scope of intervention in 2018 to achieve 3.5 million metric tonnes of rice production through the anchor borrowers programme by the end of 2018.

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