Nigeria Imported Food Worth N697.2 Billion in 2021, Says CBN

• Nigeria spent over N697 billion importing food into the country in 2021, the Central Bank of Nigeria said
• In the presentation of its sectoral report, the CBN said the country spent the amount from January to September last year
• CBN governor said the Nigerian government is working hard to diversify the economy so as to feed the citizens and reduce criminality

Is the president aware?

During President Muhammadu Buhari’s interview with Channels Television recently, he said that Nigeria has become self-sufficient in rice production and is now exporting to other countries around the world.

But if the latest figures by the Central Bank of Nigeria is anything to go by, the President may not have been well briefed about food production in the country.

The apex bank said the Nigerian government has spent about N697.2 billion bringing food from other countries to Nigeria from January to September in 2021.

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Billions spent on food import

The Punch reports that in a sectoral report on foreign exchange for the third quarter of 2021, the CBN said the government spent N67.89 billion, N82.057 billion and N70.985 billion in January, February and March respectively.

Also, N64.884 billion, N56.323 billion and N88.635 billion were spent on April, May and June respectively.

According to the report, N76.646 billion, N78.385 billion and N112.709 billion were spent in July, August and September, respectively.

Nigeria working to diversify the economy

Godwin Emefiele, the CBN governor said during a recent retreat in Lagos that Nigeria can take care of itself in terms of food.

He said if the country can diversify the economy, reduce unemployment and poverty, it will automatically reduce insecurity.

CBN Launches Selection Criteria

Legit.ng reports that the Central Bank of Nigeria has announced its selection criteria for the newly introduced financial instrument tagged ‘The 100 for 100 PPP’ Policy on Production and Productivity.

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The Punch reports that the apex bank disclosed this in a notice signed by its Development Finance Department.

The bank explained that the selection for participating businesses would be based on the immediate impact the business has on economic growth, jobs creation, and social impact.

Source: Legit.ng