bags of rice
bags of rice

Nigerian central bank said Tuesday the Africa’s most populous country has spent 2.41 billion U.S. dollars on rice importation between January 2012 and May 2015.

bags of rice
bags of rice
The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele made this known at an investors meeting in Abuja, Nigeria’s capital city.

He said the bank’s decision to ban foreign exchange for importation of rice, fish and other items would not be reversed.

According to him, the apex bank has no plans to reverse the ban, adding that the reason for inclusion of rice in the exclusion list was not far-fetched.

“Unfortunately, this trend has resulted in huge unsold stock of paddy rice cultivated by our farmers and low operating capacities of many integrated rice mills in Nigeria,” he added.

The apex bank chief told his audience that the CBN in collaboration with the Ministry of Agriculture and Rural Development would come up with a comprehensive financing model to support rice millers and other investors in the sector.
He said the bank’s decided to intervene in the sector through funding and other packages because the country would not achieve its true potentials if it imported everything it could produce locally.

The bank will make funds more accessible to farmers through some of its funding program such as the Commercial Agriculture Credit Scheme and the over one billion U.S. dollars Micro Small and Medium Enterprises Development fund, he added.

Emefiele said those that defaulted in the payment of customs duty after bringing in excess quotas of rice into the country at concessionary rates would be penalized.

He said the CBN would take up the issue to the highest level in government to ensure that the money was paid.
The governor also assured rice producers that the bank would work closely with the Nigerian Customs Service to address the issue of smuggling. Enditem

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