• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Border Closure: CBN disburses over N171 billion on food initiative – Emefiele 

Bamidele Samuel Adesoji by Bamidele Samuel Adesoji
November 27, 2019
in Business News
CBN releases new guidelines for OFIs, orders inclusion of NUBAN code or face sanctions

Godwin Emefiele

Share on FacebookShare on TwitterShare on Linkedin

In a premeditated move to control the effect of border closure in the country, the Central Bank of Nigeria (CBN) disclosed it disbursed a total sum of N171.66 billion through the Commodity Development Initiatives, to finance the agricultural value chain of ten ((10) commodities in three years.

This was disclosed by the CBN Governor, Godwin Emefiele while reading the communique at the end of the two-day MPC meeting on Tuesday in Abuja.

According to the CBN Governor, significant investment has been made over the last three years to sustainably increase domestic food supply. Emefiele stated that the commodities invested in include Cassava, Cocoa, Cotton, Rice, Tomato, Poultry, Livestock and Dairy, Fish, Oil Palm and Maize.

RelatedStories

Bank customers with CBN rise to 57 million in April 2023

EFCC arraigns Emefiele over ‘753 Housing Unit’ as ex-CBN governor gets N2 billion bail 

June 16, 2025
Bank customers with CBN rise to 57 million in April 2023

Emefiele earned N350 million annually as CBN governor, court document reveals 

June 16, 2025

Border Closure: CBN disburses over N171 billion on food initiative - Emefiele 

While providing the breakdown of how the funding was distributed, Emefiele disclosed that four of the food crops received over N140.12 billion or 81.6% of total disbursements. The crops are Cassava, (N11.44 billion); Cotton (N40.47 billion); Rice (N53.40 billion) and Oil palm (N34.81 billion).

The Border Closure: Prior to this, Emefiele stated while reading the communique that any upward price movement arising from the recent closure of Nigerian land borders on domestic food prices was reactionary and therefore temporary.

“On the impact of the recent closure of Nigerian land borders on domestic food prices, the Committee noted that any upward price movement arising from the closure was reactionary and therefore temporary.

It is, therefore, expected that the outcome of these interventions will close the supply gaps already envisaged in the medium to long term, including dampening domestic prices. It thus, expressed support for the temporal closure of Nigeria’s land borders, noting that securing the country’s land borders should be further enhanced.”

[READ MORE: Nigeria’s GDP grew by 2.28% in Q3 2019, as border closure hits trade sector]

Inflation uptick: In October 2019, Nigeria’s inflation rate rose to 11.61%, and it represents the highest in 17 months. Specifically, food inflation rose to 14.09% compared to 13.51% in the previous month. Meanwhile, core inflation dropped to 8.88% from 8.94% recorded in September and 11.02% for August 2019.

Recall that Nairametrics reported that prices of food items like rice, frozen chicken, tomatoes and other food items had rapidly increased as a result of the border closure.

Nairametrics believes that an uptick in inflation is still expected through 2019 as the Federal Government has repeatedly stated it won’t be reversing its stand on the closure of the border until the neighbouring countries comply with standards of cross border movement of goods.

On the other hand, the CBN has also disclosed that the Federal Government might have to reduce the budget benchmark of US$57 per barrel in order to build a fiscal buffer. According to Emefiele, oil prices would remain relatively weak into the foreseeable future.


Follow us for Breaking News and Market Intelligence.
Tags: border closureCentral of NigeriaCommodity Development InitiativesGodwin EmefieleOn the Money
Bamidele Samuel Adesoji

Bamidele Samuel Adesoji

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Related Posts

Bank customers with CBN rise to 57 million in April 2023
Business News

EFCC arraigns Emefiele over ‘753 Housing Unit’ as ex-CBN governor gets N2 billion bail 

June 16, 2025
Bank customers with CBN rise to 57 million in April 2023
Business News

Emefiele earned N350 million annually as CBN governor, court document reveals 

June 16, 2025
Emefiele: Forensic expert confirms to court how Buhari, Ex-SGF signatures were forged to withdraw $6.2 million from CBN 
Financial Services

Bank officials to testify as EFCC sues Ex-CBN Governor Emefiele over 753 housing units and N7.8 billion fraud 

May 31, 2025
Bank customers with CBN rise to 57 million in April 2023
Business News

Former aide admits no record of alleged $400,000 payment to ex-CBN Gov. Godwin Emefiele

May 27, 2025
Suspension of Emefiele was long foreseen – Uwaleke
Business News

FG to sell 753-unit estate recovered from former CBN Governor Emefiele to Nigerians 

May 21, 2025
Bank customers with CBN rise to 57 million in April 2023
Legal & Regulations

Judge rejects Godwin Emefiele’s request to withdraw self from EFCC’s corruption case 

February 26, 2025
Next Post
Top 10 Nigerian banks by Account Maintenance Income

Banks' credit to government decline by N1.4 trillion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 
  • EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 
  • FG adopts front-of-pack labelling to tackle diet-related diseases and cut NCD deaths

Follow us on social media:

Recent News

AfDB, AI

Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 

July 16, 2025
EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics