Fed Govt spent $1.68b on food imports in 9 months
The Federal Government spent $1.68 billion on food importation between January and September in 2021. This was contained in a Central Bank of Nigeria (CBN) report on sectoral utilisation of foreign exchange for the third quarter of last year. According to the apex bank report, the government spent $163.60million, $197.73million, and $171.05m in January, February and March, while $156.30million, $135.72million and $213.58million were spent in April May and June by the government. The report also revealed that $184.69million, 188.88m and 271.59million were spent in July, August and September last year. During the Bankers’ Committee retreat in Lagos recently, the CBN Governor, Mr. Godwin Emefiele, said Nigeria could produce enough to feed itself. He said the Federal Government is determined on the diversification of the economy and adequate food production. “We need to get to a stage where we bring our manufacturing industries back to life again. For us to say that there is sustainable, inclusive growth in the country, we, as banks, working with government must do everything possible to diversify the economy. “We have to do everything possible to reduce the rate of unemployment in the country.
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