Nigeria: CBN Set to Curb Agricultural Products Importation

13 July 2019

Osogbo — The Central Bank of Nigeria (CBN) has set out policies to curb importation of some agricultural products that could be produced in the country and assist in conserving foreign exchange.

However, as a result of these measures, the Bank officials met with stakeholders in Osogbo, Osun State yesterday in order to facilitate increase in domestic production in an effort to be self-sufficient in production locally.

Speaking yesterday at the Bank's fair with a Theme: 'Promoting, Financial Stability and Economic Development,' at Aurora Conference Centre, Osogbo, the Assistant Director of the Bank, Mr. Samuel Okogbue who represented the Director Corporate Communications, Mr. Issac Okorafor, said they were set to meet with all stakeholders in an effort to develop self-sufficiency among the people.

While speaking further on the need to promote national economic development, Okorafor noted that the Central Bank of Nigeria had established Anchor Borrowers Programme (ABP) in order to collaborate with individuals, companies in the production and processing of the key agricultural products.

He said the programme would help all local farmers to increase their production and help to reduce importation of some agricultural products to the country.

He said the Bank would serve as avenue for delivery of good credit facilities to the out-growers.

Okorafor contended that the scheme would help to increase the Bank's financing to the agricultural sectors.

He also remarked that it would assist in conserving foreign reserves and reduced commodity importation as well as to reduce the level of poverty among farmers in the country.

He equally stressed that the implementation of the programme would assist all the rural farmers to grow from subsistence farming to commercial production level.

The Director also emphasised that the program would facilitate the spring up of a new generation of Farmers and entrepreneurial minded people.

However the center yesterday was like a capacity building workshop for all the Stakeholders in the field of Agriculture and others human endeavor.

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