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The Central Bank of
Nigeria (CBN) said its interventions in key products had saved the country
N1.3 trillion import bill. The CBN Deputy Governor, Corporate Services, Mr
Edward Adamu made this known at the ongoing 28th Seminar for Finance
Correspondents and Business Editors in Owerri on Tuesday.
The theme of the seminar is “Galvanising Development Finance
and Monetary Policy For Growth”. Represented by the Director, Corporate
Communications Department, Mr Isaac Okorafor, Adamu listed the key products as
rice, fish, sugar, and wheat. He said the apex bank was determined and
committed to improving the domestic supply of these four commodities. “As you
are aware, the CBN increased its lending to the agricultural and manufacturing
sectors. “This is done through targeted intervention schemes such as the Anchor
Borrowers’ Programme, Commercial Agricultural Credit Scheme and the Real Sector
Support Facility. “In particular, we sought to improve the domestic supply of
four commodities, rice, fish, sugar, and wheat which consumed about N1.3
trillion annually in our nation’s import bill,” he said. The deputy governor
said the CBN’s efforts at these development finance initiatives had helped to
accelerate the actualisation of the Federal Government’s economic
diversification programme. He added that Diversifying the economic base
presented a more sustainable and stable option. “It is our conviction that
focusing our developmental efforts on sectors with inherent potential for
growth, employment and accretion to foreign reserves would enhance the fortune
of the Nigerian economy.”
Source: Vanguard
