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CBN: Cassava Derivatives Import Costs N183 Billion Annually - Business - Nairaland

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CBN: Cassava Derivatives Import Costs N183 Billion Annually by JosEast(m): 10:05pm On Nov 21, 2019
In spite of being the world’s largest cassava grower, Nigeria still spends about $600m (about N183bn) annually to import cassava derivatives; foreign exchange that would otherwise have been used to build public infrastructure. The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, stated this in Abuja on Thursday during the memorandum of understanding (MoU) signing ceremony with key stakeholders in the cassava value chain.

There was also an MoU between Nigeria Cassava Growers Association and large-scale Cassava Processors to guarantee steady off-take and processing of cassava in Nigeria going forward. He said the MoU with the relevant stakeholders is a move to maximize local benefits of all the derivatives in cassava and save scarce foreign exchange.

Key political figures at the ceremony include the Ekiti state Governor, Dr Kayode Fayemi (who is also the Chairman, Nigerian Governors Forum); Ondo state Governor, Rotimi Akeredolu; Oyo state Deputy Governor, Engr Rauf Olaniyan, and Ogun state Deputy Governor, Mrs Noimat Salako-Oyedele. According to Emefiele, aside from “the foreign exchange conservation, increasing cassava production is a necessity as starch, glucose, sorbitol and other products currently being imported proffers no future for the nation in the long-term, in view of the fact that Nigeria imports cassava derivatives valued at over $600m annually.”

Speaking to the gap and potential demands that exist locally if the cassava value chain is developed he said “demand for high quality cassava flour (HQCF) in bread, biscuits and snacks is above 500,000t annually while supply is below 15,000t.” According to the statistics he gave, “demand for cassava starch is above 300,000t annually while supply is below 10,000t, and demand for cassava-based constituents in sugar syrup is above 350,000t annually while supply is almost non-existent.”

He also indicated that the “potential demand for ethanol in Nigeria as a fuel for cooking, to power vehicles (E10), and other industrial uses exceeds 1 billion litres, while production is nearly zero.” “It was on this premise that we included cassava in the FX exclusion list to salvage the industry, encourage farmers to go back to their farms to boost jobs creation and increase output and improve the capacity utilization of our processing companies” he explained.

He noted that “although huge investments were made into the industry during the cassava bread initiative, the industry continues to suffer as a result of low yield varieties, poor farm practices, lack of good quality farm inputs, non-utilization of available cultivable lands, manual system of production, inadequate funding for small holder out grower schemes and low processing capacity.”

Governor Fayemi pledged the governors support for the initiative even though he decried the sustained attacks of farmers by herdsmen saying it is a major concern.

Read more: https://www.dailytrust.com.ng/nigeria-spends-n183bn-annually-to-import-cassava-derivatives-cbn.html

1 Like

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by johnmartus(m): 10:12pm On Nov 21, 2019
Please explain the title of your headline.

3 Likes

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by oz4real83(m): 4:37am On Nov 22, 2019
It is not different from the way we treat crude oil. We export crude oil and spent trillions importing its derivatives despite being the 6th or 7th richest producer of crude oil. Nigeria is always in a state of irony and joke.

34 Likes 3 Shares

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by ursullalinda(f): 7:13am On Nov 22, 2019
This is unbelievable....if only we will look inwards and ignore oil ......we might salvage the situation....because as it is Nigeria is heading to no where

1 Like

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by PrecisionFx(m): 7:13am On Nov 22, 2019
JosEast:
In spite of being the world’s largest cassava grower, Nigeria still spends about $600m (about N183bn) annually to import cassava derivatives; foreign exchange that would otherwise have been used to build public infrastructure. The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, stated this in Abuja on Thursday during the memorandum of understanding (MoU) signing ceremony with key stakeholders in the cassava value chain.

There was also an MoU between Nigeria Cassava Growers Association and large-scale Cassava Processors to guarantee steady off-take and processing of cassava in Nigeria going forward. He said the MoU with the relevant stakeholders is a move to maximize local benefits of all the derivatives in cassava and save scarce foreign exchange.

Key political figures at the ceremony include the Ekiti state Governor, Dr Kayode Fayemi (who is also the Chairman, Nigerian Governors Forum); Ondo state Governor, Rotimi Akeredolu; Oyo state Deputy Governor, Engr Rauf Olaniyan, and Ogun state Deputy Governor, Mrs Noimat Salako-Oyedele. According to Emefiele, aside from “the foreign exchange conservation, increasing cassava production is a necessity as starch, glucose, sorbitol and other products currently being imported proffers no future for the nation in the long-term, in view of the fact that Nigeria imports cassava derivatives valued at over $600m annually.”

Speaking to the gap and potential demands that exist locally if the cassava value chain is developed he said “demand for high quality cassava flour (HQCF) in bread, biscuits and snacks is above 500,000t annually while supply is below 15,000t.” According to the statistics he gave, “demand for cassava starch is above 300,000t annually while supply is below 10,000t, and demand for cassava-based constituents in sugar syrup is above 350,000t annually while supply is almost non-existent.”

He also indicated that the “potential demand for ethanol in Nigeria as a fuel for cooking, to power vehicles (E10), and other industrial uses exceeds 1 billion litres, while production is nearly zero.” “It was on this premise that we included cassava in the FX exclusion list to salvage the industry, encourage farmers to go back to their farms to boost jobs creation and increase output and improve the capacity utilization of our processing companies” he explained.

He noted that “although huge investments were made into the industry during the cassava bread initiative, the industry continues to suffer as a result of low yield varieties, poor farm practices, lack of good quality farm inputs, non-utilization of available cultivable lands, manual system of production, inadequate funding for small holder out grower schemes and low processing capacity.”

Governor Fayemi pledged the governors support for the initiative even though he decried the sustained attacks of farmers by herdsmen saying it is a major concern.

Read more: https://www.dailytrust.com.ng/nigeria-spends-n183bn-annually-to-import-cassava-derivatives-cbn.html

Failed state
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by Nobody: 7:14am On Nov 22, 2019
It was on this premise that we included cassava in the FX exclusion list to salvage the industry, encourage farmers to go back to their farms to boost jobs creation and increase output and improve the capacity utilization of our processing companies” he explained. 
Agriculture is the way to go.
Only the wise will take up this offer as i and other sensible youths have done.

Don't sit down in your father's sitting room and keep complaining about no money in town.
Opportunities abound.
Go out and work.

8 Likes 3 Shares

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by 24kmagic(m): 7:14am On Nov 22, 2019
kiss
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by Nobody: 7:14am On Nov 22, 2019
PrecisionFx:

Failed state
PDP you support with your miserable life failed Nigeria.
If only they gave us only electricity for the 16 years they set Nigeria back as a nation and plundered lives!
Things could have been have been different.
Stop supporting criminals, thieves!

7 Likes 2 Shares

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by fixedhollies(m): 7:14am On Nov 22, 2019
Wetin make we do... You guys are the leaders.
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by PrecisionFx(m): 7:14am On Nov 22, 2019
oz4real83:
It is not different from the way we treat crude oil. We export crude oil and spent trillions importing its derivatives despite being the 6th or 7th richest producer of crude oil. Nigeria is always on a state of irony and joke.

6th or 7th?

Goan recheck the list
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by helinues: 7:14am On Nov 22, 2019
Import or export?

Ordinary cassava? It is high time we return into farming in this country.

Importing cassava? Na war oo
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by Surfondsystems: 7:14am On Nov 22, 2019
great

Now we can seek opportunities at processing cassavas into thise derivatives and earn great income that should have gone into forex.









Check my profile for great deals on buying domian names and hosting.
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by designking: 7:15am On Nov 22, 2019
We are too lazy business wise in this country

3 Likes

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by dermmy: 7:18am On Nov 22, 2019
We'll start importing water. It's a matter of time. SMH
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by lonelydora: 7:19am On Nov 22, 2019
CBN with their useless policy is also part of the problem.

I knew what we passed through few years back when we tried to set up a toothpick making factory.

That's why whenever i see news about setting industries from CBN, I just laugh. Nigeria is a jungle.

6 Likes

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by iceybux(m): 7:20am On Nov 22, 2019
modelmike7:
PDP you support with your miserable life failed Nigeria.
If only they gave us only electricity for the 16 years they took us back as a nationand plundered our lives!
Things could have been have been different.
Stop supporting criminals, thieves!
Are This Not The Same Set Of Individuals In APC Today? And What Has The So Calld Apc Done In The Last 4year Plus? Hypocrit

6 Likes 1 Share

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by ednut1(m): 7:21am On Nov 22, 2019
Too much talk. There is no infrastructure and finance to make it profitable
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by NaijaOlosho(f): 7:22am On Nov 22, 2019
Useless country grin grin
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by Nobody: 7:22am On Nov 22, 2019
iceybux:
Are This Not The Same Set Of Individuals In APC Today? And What Has The So Calld Apc Done In The Last 4year Plus? Hypocrit
Hypocrite

1 Like 1 Share

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by Nobody: 7:23am On Nov 22, 2019
NaijaOlosho:
Useless country grin grin
useless naija Olosho

1 Like 1 Share

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by DonFreshmoney(m): 7:23am On Nov 22, 2019
We import everything in this country.. wasting resources like we have them in unlimited amounts.. I tire for this country..

That amount can stat up both a cassava derivatives plant, cassava making factory and cassava market

1 Like

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by xpee: 7:23am On Nov 22, 2019
Another trash from the confused CBN Governor.

2 Likes 1 Share

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by JessetariahMD(m): 7:24am On Nov 22, 2019
Me i no even fit understand nigeria sef
Just when you thought youve seen it all
they'll spring out surprises
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by dgitrader(m): 7:24am On Nov 22, 2019
Backward country, how much petroleum derivatives do we import on a monthly bases!
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by Burgerlomo: 7:27am On Nov 22, 2019
Habaa! Import bawo?
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by NaijaOlosho(f): 7:27am On Nov 22, 2019
modelmike7:
useless naija Olosho

You are irredeemably useless undecided

1 Like

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by livebyday(m): 7:28am On Nov 22, 2019
Hmmmm

This country needs some serious thinkers

1 Like 1 Share

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by adesegun121(m): 7:31am On Nov 22, 2019
Ok
Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by Nobody: 7:31am On Nov 22, 2019
NaijaOlosho:

You are irredeemably useless undecided
e enta naija olosho yansh wells grin

1 Like 1 Share

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by kenny714433(m): 7:31am On Nov 22, 2019
Now the question should be: How do we produce starch and all the derivatives of cassava?

All these blames and tantrums won't solve the problem as it is.

Now that cassava is in abundance in the south, just reason that I'm into starch production and the FG stops the importation of starch like he did for St. Louis sugar to bring in Dangote's, I could have been a millionaire in no time now.

Opportunities abounds but no money to harness them.

2 Likes

Re: CBN: Cassava Derivatives Import Costs N183 Billion Annually by SIRTee15: 7:33am On Nov 22, 2019
lonelydora:
CBN with their useless policy is also part of the problem.

I knew what we passed through few years back when we tried to set up a toothpick making factory.

That's why whenever i see news about setting industries from CBN, I just laugh. Nigeria is a jungle.

Can u give more details about your experience...
A lot of people may learn...

1 Like

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