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, VANTAGE NEWS reports.
Governor of CBN, Godwin Emefiele, said this on Wednesday in Gombe at he flag-off of the 2020 wet season harvest aggregation and the second cycle of the 2020 dry season distribution.
He further disclosed that the 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.
Emefiele said, “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.”
The CBN governor who commended the resilience of Nigerian farmers who continued to farm to ensure food sufficiency in the country in spite of the challenges of insecurity in some parts of the nation, 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.