CBN to save $2bn annually via wheat revolution
The Central Bank of Nigeria (CBN) on Tuesday, unveiled its wheat value chain intervention programme captured under the Nigerian Brown Revolution, which seeks to save $2 billion spent on importing five million metric tons of wheat annually. The scheme involves over 150,000 farmers cultivating 180,000 hectares of land in about 15 states and targeting 60 per cent first year import substitution and ultimately saving $2 billion per annum. Speaking at the event held in Jos, the Plateau State capital, the CBN Governor, Mr Godwin Emefiele, who was represented by the Deputy Governor, Corporate Services, Mr. Edward Lamtek Adamu, revealed that the brown revolution was an offshoot of the Anchor Borrowers’ Programme (ABP). According to him, the ABP has recorded successes in supporting smallholder farmers to increase the cultivation of different commodities across the 36 States of the Federation and the Federal Capital Territory (FCT). “Through the programme, N788.035 billion has been disbursed to about four million farmers through 23 Participating Financial Institutions (PFI). So far, 4.796 million hectares of farmlands have been cultivated under the programme covering 21 commodities
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