CBN to revive Enugu agricultural factories

The Central Bank of Nigeria (CBN) announced it has gotten the approval of the Enugu State Government to revive moribund state-owned agricultural factories.

This was disclosed by Mr Tony Ifechukwu, Special Adviser to the CBN Governor, Mr Godwin Emefiele, on Tuesday, in a meeting between the Enugu State Government and teams from the CBN and other interested stakeholders.

The CBN said its interest remains to make the state economically competitive, citing that the apex bank and the state’s Technical Committee on Privatisation and Commercialisation have discussed reviving the agriculture factories.

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“We have visited a cashew industry in the state, including the one at Oji River Local Government Area and the Oil Palm Plantation at Ugwuomu, Ibitolu, and others.

All these factories are in a state of misuse but can still be revitalised to boost the state and nation’s economy,” Ifechukwu said.

“We are interested in all these cash crops because it is a long-term crop that will put wealth back to the state and the country for decades.

With cashew processing plant, Oil planting mill, and plain wood factory, we can maximise the infrastructure to boost the state’s economy,” he added.

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Many Nigerian states have commenced discussions in kicking off their agriculture processing units, with Nairametrics reporting last week that the Bayelsa State government revealed that it plans to work with South Korea for the development of maritime, agriculture and infrastructure in the South-South state.

Meanwhile, the CBN has moved to crash the price of maize as it has approved the release of 50,000 metric tonnes of maize to 12 major producers, from the strategic maize reserve (SMR) under its Anchor Borrowers’ Programme (ABP).

Note: This article was updated to reflect new information.