CBN to cut imports of imported cassava by-products


CBN

By Emma Ujah

Faced with the scarcity of foreign exchange due to declining crude oil receipts, the Central Bank of Nigeria (CBN) will invest heavily in the cassava value chain to reduce current annual imports by under $ 580 million. cassava products.

CBN Governor Godwin Emefiele revealed this yesterday during the inauguration of Rivers State Cassava Processing Plant at Afam / Ban-Ogoi Link Road in the Local Government Area of Oyigbo State.

His words: “Despite our position as the world’s largest cassava producer, Nigeria imports more than $ 580 million worth of cassava by-products.

“With facilities like this, it will help reduce our dependence on imported cassava by-products, which serve as key inputs in food production in several factories.”

According to him, the sum of 7.436 billion naira has been accessed by four states in the South-South region to open more land for cultivation, create access roads to agricultural land and provide infrastructure, among other support services. .

He also said: “Our interventions have touched key sectors such as agriculture, manufacturing, health and infrastructure. So far, the sum of 333.196 billion naira has been disbursed for various projects in the South-South region covering activities in these different economic sectors. “

In his speech, Rivers State Governor Barr. Nyesom Wike, challenged the indigenous people of Rivers State to use bank loans in productive economic activities.



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