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CBN Disburses ₦42 Billion To Small Farmers for Wheat Cultivation

by myeduproject March 28, 2022
written by myeduproject March 28, 2022
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CBN Disburses ₦42 Billion To Small Farmers for Wheat Cultivation

Nigeria’s Apex Bank has disbursed not less than ₦42 Billion To Support Wheat Cultivation in the country, the CBN governor.

Professor Godwin Emefiele disclosed this during an interactive induction of 2021/2022 Brown Revolution Field Day/Harvest in Gabarin village, Ringim Local Government Area, Jigawa State.

The governor said the Brown Revolution Field Day/Harvest has not only increased job creation in the 15 states but also increase economic activities in these states

Nigerians will in the nearest future be sufficient in wheat production if such gesture continues, the nation will not rely on foreign market for wheat production, the governor added  

“In Nigeria, wheat remains one of the commodities with the highest demand, and despite this high demand, Nigeria produces less than 2% of its annual wheat consumption needs,” Emefiele said.

“In light of the circumstances confronting wheat cultivation in Nigeria, the bank launched a strategic approach in 2020 through its flagship Anchor Borrower Programme aimed at facilitating import substitution by promoting self-sufficiency in the wheat value chain.”

“Four seed companies have been commissioned to process 25,000 metric tonnes for the next planting season,”

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“This strategy aims to reduce wheat imports by 60% in two years and eliminate wheat imports in the long run.”

“Seed production expansion with six certified seed companies, including both dry and wet season seed production to produce enough seed for 5,000 outgrows next season,” he said.

“Research and trials on FMAN’s 10-hectare research farm in Jigawa to test new seed varieties and improve agronomic practices, including collaboration with the Lake Chad Research Institute, among others.”

“A portion of it also includes grant funding for the National Agricultural Seed Council to expand their capabilities to test seed quality, certify seed production, and train farmers to distinguish high-quality seed from others on the market.”

SOURCE

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