The Governor, Central Bank of Nigeria (CBN); Mr Godwin Emefiele, has said that Nigeria’s monthly food import bill fell from $665.4m in January 2015 to $160.4m as of October 2018.
He said the reductions in food import were recorded on rice, fish, milk, sugar and wheat, adding that the policy would be maintained.
He said, “Noticeable declines were steadily recorded in our monthly food import bill from $665.4m in January 2015 to $160.4m as at October 2018; A cumulative fall of 75.9 per cent and an implied savings of over $21bn on food imports alone over that period.
“Most evident were the 97.3 per cent cumulative reduction in monthly rice import bills, 99.6 per cent in fish, 81.3 per cent in milk, 63.7 per cent in sugar, and 60.5 per cent in wheat.
“We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the Nigerian economy have been fully resolved.”
Emefiele said this at the bankers’ dinner in Lagos.
While speaking on development finance, he said that in continued recognition of its role as an agent of development and aimed at ensuring self-sufficiency to reduce Nigeria’s excessive dependence on imports, the CBN invigorated its development finance activities.
“We have maintained a particular focus on supporting farmers, entrepreneurs as well as small and medium scale businesses, through our various intervention programmes such as the Anchor Borrowers Program, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and the National Collateral Registry,” he added.