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Home Business News
CBN, Wheat

CBN says wheat importation is a major factor in the exchange rate crises

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
2 years ago
in Business News
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Wheat, the third most widely consumed grain in Nigeria has been a major factor in the exchange rate imbalance, according to the Central Bank of Nigeria (CBN).

The was disclosed by the  CBN Governor, Mr Godwin Emefiele, who was represented by the Deputy Governor, Corporate Services, Mr Edward Lamtek Adamu, at the event held in Jos, the Plateau State capital.

CBN also stated that this issue would be addressed through the wheat value chain intervention programme captured under the Nigerian Brown Revolution, which is an offshoot of the Anchor Borrowers’ Programme (ABP).

What the CBN is saying 

Emefiele mentioned that through the Nigerian Brown Revolution, the apex bank seeks to save $2 billion spent on importing five million metric tons of wheat annually.

READ: CBN revises guidelines for the Anchor Borrowers’ Programme (ABP)

He said, “Wheat is the third most widely consumed grain in Nigeria after maize and rice. It is estimated that the country only produces about one per cent (63,000 metric tons) of the 5-6 million metric tons of the commodity consumed annually in Nigeria. This enormous demand-supply gap is bridged with over $2 billion spent annually on wheat importation. This has made wheat the second highest contributor to the country’s food import bill.”

He added that unless addressed, the increasing demand would add more problems to the country’s reserves. He said, “Given the high growth rate of the country’s population and the demographic structure, the demand for wheat is projected to continue to rise. This can only intensify pressure on the country’s reserves unless we take a decisive step to grow wheat locally.”

According to him, the ABP has had success in assisting smallholder farmers in expanding their crop production across the 36 states of the Federation and the Federal Capital Territory (FCT).

“Through the programme, N788.035 billion has been disbursed to about four million farmers through 23 Participating Financial Institutions (PFI). So far, 4.796 million hectares of farmlands have been cultivated under the programme covering 21 commodities,” he added.

READ: Investment in agriculture is a direct investment in poverty eradication – Tony Elumelu

Bottomline

According to the NBS, Wheat import in Nigeria amounts to N324.7 billion about 4.67% of Nigeria’s total imports in Q2 2021.

Thus, if more wheat is produced locally, Nigeria might be able to save billions of dollars in imports. Whilst this is plausible, a lot more work will need to be done to foster a robust value chain for the industry and ensure that local production meets demand.

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

Comments 1

  1. Julius says:
    November 11, 2021 at 6:37 am

    I wonder if these people understand what the situation is currently at the bottom level in the country.
    What is your wheat production level locally and the quality is it the one obtainable elsewhere.

    Why do we keep having wrong people in sensitive places. God bless Nigeria

    Reply

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