CBN partners NYSC, others to boost rice production

The Central Bank of Nigeria (CBN) is collaborating with the National Youth Service Corps (NYSC), Bank of Industry and Federal Ministry of Agriculture among others to boost rice production in the country.

Speaking as a guest on Radio Links, a Radio Nigeria programme recently in Abuja, the CBN Acting Director, Development Finance Department (DFD), Dr. Mudashiru Olaitan, said the collaboration was coming on the heels of the huge amount of money Nigeria spends annually on rice importation.

He said about N300b spent on rice importation yearly has become a source of worry as it is creating jobs for youths in other countries and continues to fritter away the country’s foreign exchange.

The Acting Director said the collaboration was targeted at engaging youth corps members in massive rice farming across the country so as to bridge the short fall in output thereby halting rice importation.

Dr. Olaitan pointed out that in few years’ time India and other countries will stop exporting rice to Nigeria and we will run into crisis if we don’t boost local production now.

“There is no need importing what we can produce locally. We have the resources needed to be self-sufficient in rice production. So, CBN has created various credit facility windows and is collaborating with relevant stakeholders to increase local output,” he noted.

The recent restriction placed on acquisition of foreign exchange for importation of rice paddy, the Dr. Olaitan said was to discourage importation of paddy and encourage more production by local rice farmers.

He urged rice farmers and processors to take advantage of the CBN credit facility windows to assist commercial farmers and integrated processors as well as micro, small and medium scale farmers and processors in Nigeria.