President Muhammadu Buhari, GCFR

Buhari directs CBN to decline Forex for food, fertilizer imports

*We will not pay a Kobo of our foreign reserves to import fertilizer; we will empower local producers ─President Muhammadu Buhari

*Government will facilitate cultivation of 20,000 to 100,000 hectares of farmland across states, back agro-processing to create job opportunities, says Finance Minister Zainab Ahmed

Isola Moses | ConsumerConnect

In emphasising his administration’s commitment to ensuring that Nigeria is self-sufficient in food and agricultural productions in recent times, President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) not to give Foreign Exchange (Forex) for food and fertilizer imports.

ConsumerConnect learnt the President, who stated this during a meeting of the National Food Security Council at the State House, in Abuja, FCT, restated his administration’s commitment to ensuring that the country regains its position in the comity of nations self-sufficient in food production.

The Council briefed the President, who chaired the meeting with other key members in attendance, on the food security situation prevailing in the country.

Buhari believes agriculture is one of the ways to tackle food insecurity and unemployment in Nigeria, says report.

The President said: “From only three operating in the country, we have 33 fertilizer blending plants now working.

“We will not pay a Kobo (a subunit of Nigerian currency) of our foreign reserves to import fertilizer. We will empower local producers.”

Buhari equally ordered blenders of fertilizer to take their products straight to state governments, perhaps in a strategy to beat the cartel of transporters undermining efforts at delivering the products to consumer at reasonable costs.

He, however, urged businesses still intent on importing food into the country to source their Forex independently.

According to him, instead of bringing in “compromised” food items in the country, he told off food importers to rather “use your money to compete with our farmers.”

The President said: “We have a lot of able-bodied young people willing to work and agriculture is the answer.

“We have a lot to do to support our farmers.”
Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, as well listed efforts aimed at tackling the challenges from COVID-19 on the nation.

Ahmed said that the government would facilitate the cultivation of 20,000 to 100,000 hectares of new farmland in every state and back the take-off of agro-processing to create millions of job opportunities.

The Minister stated that Nigeria will equally support Micro, Small and Medium Enterprises (MSMEs) so as to assist them to keep their employees and boost manufacturing in the country.

Kindly Share This Story