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The Central Bank of Nigeria (CBN) has concluded
plans to reduce importation of wheat by 60 percent
over the next two years under its import
substitution program.

Meanwhile, the apex bank is also set to finance one
million hectares of rice farms this year as part of
measures to ensure availability and stabilize the
price.


Disclosing these on Wednesday in Gombe at the
flag-off of the 2020 wet season harvest
aggregation and the second cycle of the 2020 dry
season distribution, Governor of CBN, Godwin
Emefiele, stated: “CBN is committed to improving
local production of wheat and reducing importation
by 60 percent over the next two years. There is
therefore no need to panic over the current prices
of major staple food items.”



While commending the resilience of farmers in
Nigeria, who continued to farm to ensure food
sufficiency in the country in spite of the challenges
of insecurity in some parts of the nation, Emefiele
warned hoarders and smugglers of products such
as rice to desist from such as the apex bank is
working with relevant agencies to ensure the
stability of food prices in the country.

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