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Home Business News Business

Nigeria imports over $580 million worth of cassava by-products every year – CBN

Abiola Odutola by Abiola Odutola
May 28, 2021
in Business, Spotlight
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The Central Bank of Nigeria (CBN) has stated that Nigeria imports over $580 million worth of cassava by-products annually and this has made the nation rely on the imports.

This was disclosed by the CBN Governor Godwin Emefiele, via the Bank’s Twitter handle, on Thursday, while commissioning Rivers Cassava Processing Company.

According to him, the facility will help the nation reduce her reliance on imports of cassava by-products.

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The tweet read: “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 $580 million worth of cassava by-products annually.

The cassava processing facility helps to support the CBN’s mandate of promoting economic growth for Nigeria.

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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.”

#Emefiele at the launch of Rivers Cassava Processing Company designed to support improved production and processing of cassava into high quality flour in #Rivers State. pic.twitter.com/o8VSziXOWC

— Central Bank of Nigeria (@cenbank) May 27, 2021

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What you should know about the facility

With the capacity to process over 45,000 tons of cassava, the facility will provide high-quality cassava flour for households, industries and bakeries.

The integrated facility was built by the Rivers State Government with the support of Shell Petroleum Development Corporation, the Dutch Embassy Investment Nigeria Limited and their technical partners.

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Tags: Cassava by-productsCBNGodwin Emefiele

Comments 8

  1. Abiola Akinstay says:
    May 28, 2021 at 9:44 am

    Who is ready to go to farm again now! Even so call state “Basket of Nation” can’t farm any longer kidnapping here and there I have 3 hectares of land in my state fulanis and their cows pursue my people away from there, u know how much I spend on my cassava of which I believed is happening to other in as much Federal government can’t protect the citizens any longer is better to be wasting money on importing what we can produce. It is well.

    Reply
  2. manager says:
    May 28, 2021 at 2:39 pm

    Blame Buhari and his Fulani herdsmen that never allows farmers to work in their farm’s.

    Reply
    • Emmanuel says:
      May 28, 2021 at 9:44 pm

      Blame yourself for always blaming Buhari for your inability to rethink ways of doing business. Accepted there’s the challenge of fulani marauders in some parts of the country but that’s not a strong excuse to abandon agriculture altogether.

      Reply
      • Anonymous says:
        May 29, 2021 at 8:34 pm

        What are you saying? Is he just blaming Buhari or giving a statement of fact? How can he farm? When is not safe out there. Stop making annoying comments. If there were other ways, certainly he will take those options.

        Reply
      • Anonymous says:
        May 30, 2021 at 5:07 am

        Comments like yours make me wonder if we all are from the same planet

        Reply
  3. Victor .A. Ibeto, Jr. Esq. says:
    May 29, 2021 at 11:17 am

    This facility is a laudable venture. However, i align my thoughts with the previous commentators about the need to secure our investments. The bigger picture of creating a lucrative economy will always depend on the need to secure and protect its assets – security is highly necessary.

    Reply
  4. Emeka lsaac says:
    May 29, 2021 at 9:16 pm

    Ordinary cassava processing facility, Rivers State government, central bank of Nigeria and Nigeria government must partner with shell to get the project done. Foolish set of people without common sense. Why can’t you people sponsor your engineers to go and acquire the knowledge of manufacturing the equipment in Nigeria do as the create multiple secured employment for citizens.When there is any problem with the machines, the factory is grounded to a halt because the problem must be fixed by technicians abroad. Think! Think! Think! Fools . parading themselves as lawyers and learnered homosapiens.

    Reply
  5. Adeniran says:
    May 30, 2021 at 6:03 am

    It is a wellcome development to have this facility, I sincerely hope that this factory will be sustainable, bearing in mind our kind of human factor in running facilities of this nature.

    Reply

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