• 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

CBN to increase wheat production, improve value chain

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
October 4, 2021
in Business News
CBN, Wheat
Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) has devised strategic action plans to increase wheat production by addressing existing difficulties in the value chain and, as a result, bolstering the country’s foreign reserves.

Mr Philip Yila Yusuf, Director of the CBN’s Development Finance Department, revealed this at a wheat conference and stakeholder engagement in Abuja over the weekend, themed: “Improving and Sustaining the Wheat Value Chain Development in Nigeria,” according to the Nigerian Tribune.

He emphasized the wheat value chain’s immense potential for ground-breaking impact in the agricultural sector, stating that the Bank planned to focus attention on the wheat value chain for dry season planting in 2021/2022 after making sustainable progress throughout the rice and maize value chains.

RelatedStories

Naira , dollar, exchange rate

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025

What they are saying

Yusuf said, “The CBN plans to address key problems in the value chain through financing massive production of wheat in Nigeria and seeks to facilitate sustained availability of high yield seed variety in the country and improve general productivity.”

He also stated that wheat was the second-highest contributor to the country’s food import bill, putting strain on the country’s foreign reserve, with over $2 billion spent annually on the importation of more than 5 million Metric Tons (MT) of wheat.

Furthermore, he estimated that only 1%, or 63,000 metric tons (MT), of the 5-6 million MT of wheat eaten yearly was grown locally, stating that the CBN’s involvement had become critical due to Nigeria’s high need for wheat and inability to meet that demand.

While acknowledging the Bank’s significant task, which will require joint efforts to overcome, he assured stakeholders of the Bank’s preparedness to change the sector’s narrative alongside all stakeholders.

Minister of Agriculture and Rural Development, Mohammed Abubakar who was represented by Abdullahi Garba, expressed disappointment that the country’s wheat importation and wheat import bills had continued to climb in recent years. As a result, he urged all stakeholders to work together in the next years to reverse the trend by increasing value chain investment.

In a goodwill message issued by his deputy, Dr Nasiru Yusuf Gawuna, Kano State Governor, Dr Abdullahi Umar Ganduje, urged all stakeholders to be transparent in their transactions and to begin preparing for wheat growing and production.

While praising the CBN for its efforts in enhancing the wheat value chain, he urged the bank to move faster in releasing money, emphasizing the importance of collaboration among wheat value chain players in Nigeria’s ambition to become self-sufficient in wheat production.

What you should know

  • In a bid to ensure the prudent use of foreign exchange resources, the Central Bank of Nigeria had earlier instructed authorised dealers and exporters to only open forms M for letters of credit, bills for collection, and other forms of payment.
  • The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, promised to sustain FX restrictions on the importation of food items that can be produced locally.
  • The CBN said that it will oppose all attempts to continue the importation of maize into the country. This is geared towards encouraging local production as the apex bank believes that maize farmers in Nigeria have what it takes to close the maize demand gap of over 4.5 million metric tonnes in the country.
Tags: CBNCentral Bank of NigeriaWHEAT
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

Related Posts

Naira , dollar, exchange rate
Currencies

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023
Financial Services

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index
Financial Services

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025
CBN, forex
Bank Recapitalization

CBN says forbearance-affected banks under close supervision 

June 18, 2025
Federal High Court, REA
Financial Services

Supreme Court Judgement: Judge to hear committal suit against CBN Governor on June 23 

June 17, 2025
Zenith, Access leads as banks’ CSR donations
Financial Services

BAD LOANS: Nigerian listed banks incur N3.77 trillion in loan losses since 2023, see top losers 

June 16, 2025
Next Post
Economy: Business leaders must pay specific attention to our public sector leadership – NESG

Economy: Business leaders must pay specific attention to our public sector leadership - NESG

Comments 1

  1. Casmir Wilfred Ogbu says:
    November 10, 2021 at 6:50 pm

    I would like to be among the 150,000 farmers to benefit from this farming program of Wheat production.

    Reply

Leave a Reply Cancel reply

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

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 
  • Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 
  • Tariff relief triggers $2 billion investment in Nigeria’s digital infrastructure – Tayo Aduloju

Follow us on social media:

Recent News

Yusuf Tuggar, Nigerian military

WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 

June 21, 2025
Heineken launches mandatory takeover bid of Champions Breweries, offers to buyout remaining 15.3% equity stake

Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 

June 21, 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