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CBN spends N55bn on rice production in 2 years

CBN spends N55bn on rice production in 2 years

The Central Bank of Nigeria (CBN) said it spent N55 billion on boosting rice production through the Anchor Borrowers programme in the last two years.

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

Okorafo 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, Daily Trust reports.

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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.

Meanwhile, had previously reported that CBN said Nigeria’s external reserves had continued to accrue rising by more than 19% in three months period.

Latest data by the CBN showed that the 30 days moving average of the reserves increased by 19.6% from January up to April 4, 2018.

The 30 days moving average figure currently stands at $46.554 billion up from $38.912 billion which it was at the beginning of the year.

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Okorafor attributed the continued accretion to the country’s reserves to the apex bank’s effort at vigorously discouraging unnecessary importation and reducing the nation’s import Bill; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market.

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