Not less than N1.3 trillion was spent by the Federal Government on the importation of rice, fish, sugar and wheat in the last 12 months, the Central Bank of Nigeria (CBN) said on Tuesday.
The bank’s Deputy Governor, Corporate Services, Edward Lametek, spoke at a seminar organised for Finance reporters in Owerri, Imo State.
Speaking on the theme: “Galvanising development finance and monetary policy for growth”, the bank chief restated the bank’s commitment to local production of the commodities, saying that they put a lot of pressure on the country’s import bill.
He said economic diversification remained a sustainable way to grow the economy.
Lametek noted the Anchor Borrowers’ Programme (ABP), which was launched in November 2015, was designed to build partnerships between small holder farmers and reliable large-scale agro-processors, with a view to increasing agricultural output, while improving access to credit for farmers.
He said: “Our targeted focus…