CBN to tackle N1.3tn food imports

The Central Bank of Nigeria says it is currently implementing various intervention programmes that will catalyse funding to critical sectors of the economy such as agriculture and manufacturing.

The CBN Deputy Governor, Corporate Services, Mr Edward Adamu, said this on Tuesday at the 28th seminar for finance correspondents in Owerri, Imo State.

Adamu said the decision of the apex bank to undertake its developmental initiatives was borne out of the conviction that it would assist in spurring economic growth and job creation.

Specifically, he said the apex bank had increased its lending to the agricultural and manufacturing sectors through targeted intervention schemes.

Some of these interventions programmes, he stated, include the Anchor Borrowers’ Programme, Commercial Agricultural Credit Scheme and the Real Sector Support Facility.

In particular, he said the interventions would help to improve domestic supply of four commodities.

The commodities which, according to him, consume about N1.3tn annually in the nation’s import bill are rice, fish, sugar, and wheat.

He said, “It is pertinent to note that at the Central Bank of Nigeria, our approach to stimulating economic development is three-pronged, centred on agriculture, micro, small and medium enterprises and infrastructure.”

He said so far, the development finance interventions had helped to bolster agricultural production by removing obstacles faced by small holder farmers.