$580 Million worth of cassava being imports by Nigeria by-products yearly Godwin Emefiele – Governor of Nigeria’s Central Bank disclosed
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Governor of the Nigeria Central Bank – Emefiele announced this development on Thursday May 27th 2021 in Port-Harcourt at the liftoff of the Rivers Cassava Processing Company.
According to the Food and Agriculture Organization (FAO), Nigeria’s cassava production is by far the substantial in the world.
Emefiele let out the cassava company will enable in lessening Nigeria’s dependence on imports of cassava by-products, which fulfills as a key input in the production of food items in several factories. Last week, Emefiele had refuted statements that the bank ‘s numerous interventions are wobbled towards a section of the country.
“The sum of N333.2bn had been disbursed to various projects in the South-South region covering activities in different economic sectors,” Emefiele noted.
“About N7.436bn had been accessed by four states in the South-South region to open up more land for cultivation, create access roads to agricultural lands, and provide infrastructure, among other support services in the region.
“These measures are helping to induce greater activity in the agricultural sector and are enabling the movement of goods from farm to factories, and the markets.”
He commended the efforts made by the Rivers state government, working with Shell Petroleum Development Corporation, the Dutch Embassy Investment Nigeria Limited and their technical partners, in setting up the integrated facility.
“The cassava processing facility helps to support the CBN’s mandate of promoting economic growth for Nigeria,” he added.
“The cassava processing facility will also provide farmers with a verifiable platform to access finance from the Central Bank of Nigeria and other financial institutions through our Anchor Borrowers Program.
“With the capacity to process over 45,000 tons of cassava, this facility will provide high quality cassava flour for households, industries and bakeries.
The Governor asserted that, “The facility will help in reducing our reliance on imports of cassava by-products, which serves as a key input in the production of food items in several factories. Nigeria imports over $580m worth of cassava by-products annually.
“Developmental finance initiatives at the CBN is focused on creating an enabling environment that will drive both public and private sectors participation in the real sector with strategic deliverables around price stability, job creation, financial inclusion, import substitution, and accretion to foreign reserve.”
The Governor asserted that, Rivers State had accessed over N13 billion from the bank’s numerous intervention programs, and their loan prominence continues in good status.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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