Tag: Central Bank of Nigeria

Central Bank of Nigeria to place sugar, wheat on foreign currency restriction list

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NIGERIA – The Central Bank of Nigeria has announced plans to halt foreign currency for sugar and wheat imports, as the country tries to conserve national foreign reserves. According to reports by Naira Metrics, the plan was disclosed by the apex bank via its verified Twitter handle, in a statement credited to the CBN governor, Godwin Emefiele. The tweet stated, “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.” In 2015, the bank listed…

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Central Bank of Nigeria to release 300,000 metric tons of maize to control market price

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NIGERIA – The Central Bank of Nigeria (CBN) has announced it will release about 300,000 metric tons of maize into the Nigerian market from strategic anchors under the Anchor Borrowers’ Programme (ABP). The release, expected in February 2021, according to the National President of the Maize Association of Nigeria (MAAN) Alhaji Bello Abubakar, should drive down the cost of maize from the current N155,000 per metric ton and consequently impact feed price. With the release, it is expected that the price of maize in the Nigerian market will drop significantly,…

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Central Bank of Nigeria supports poultry industry with US$33m

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NIGERIA – The Central Bank of Nigeria (CBN) has so far released the sum of N12.552 billion to large, medium, and small-scale poultry farmers in the country as part of its strategy to boost local production capacity and create more jobs. This was revealed by the CBN Director, Development Finance Department, Mr. Phillip Yusuf, who indicated that the disbursement of funds to farmers was an ongoing process as more are being shortlisted for the loan. According to him, the additional fund will be disbursed to poultry farmers before the end…

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Four Nigerian companies get CBN approval to import 262,000 tons of maize

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NIGERIA – The Central Bank of Nigeria has approved four companies i.e. Wacot Limited, Chi farms Limited, Crown Flour Mills Limited and Premier Feeds Company Limited to import 262,000 tons of maize in the country from August to October. The CBN emergency approval was disclosed in a memo with reference number: NCS/T&T/I&E/021/S.93/VOL, signed by the Deputy Comptroller General, T.M ISA, reports Nairametrics. “In line with the government’s policy on food security, sufficiency and striking a balance between food imports and local production capacities to meet anticipated shortfall, the Central Bank…

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CHI Limited supports CBN’s backward integration program to boost country’s dairy industry

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NIGERIA – CHI Limited, Nigeria’s fast-moving consumer good company with investment in the dairy industry, is set to undertake massive infrastructural developments of facilities at the Bobi Grazing Reserve in Niger State. The investment will involve upgrade of the existing facilities and construction of new ones in a bid to boost milk in the country. The project is under the livestock development initiative by the Niger state in partnership with the Central Bank of Nigeria. It is in line with CBN’s policy aimed to discourage the importation of dairy products…

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Central Bank of Nigeria halts forex access for maize imports to boost local industry

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NIGERIA — The Central Bank of Nigeria (CBN) has blocked access to foreign exchange for maize imports as it seeks to boost local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs which were lost as a result of the ongoing COVID-19 pandemic. In a notice signed by Dr O.S Nnaji, CBN’s Director in charge of Trade and Exchange Department, CBN has directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country. In addition, the dealers have been told…

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Central Bank of Nigeria funds production of nine agricultural commodities with US$1.1bn

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NIGERIA – The Central Bank of Nigeria (CBN) has targeted to fund the value chains of nine agricultural commodities in the 2020 wet planting season to the tune of N432bn (US$1.1bn) to prevent the country from sliding into a recession, as is currently being experienced in some major economies of the world. The commodities to be funded include rice, cotton, oil palm, tomato, cassava, poultry, fish, maize, cocoa and livestock/diary. The funding would be sent through designated participating banks, targeting over 1.1 million farmers, cultivating over one million hectares of…

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Nigeria’s Edo state partners with CBN, farmers to revive non-performing oil palm belt

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NIGERIA – The Edo State Government has partnered with the Central Bank of Nigeria and farmers in the revival of the Urhonigbe oil palm belt at a cost of N91.3 billion (about US$253.04 million). A statement from the Edo state government revealed that the amount for the palm project was jointly made available by the Central Bank of Nigeria and private investors. The funds according to the statement will be used to for the cultivation of oil palm on 51.8 hectares in Urhonigbe, Orhionmwon Local Government Area of the state,…

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Nigeria to offer rice farmers affordable loans to boost production

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NIGERIA – The Central Bank of Nigeria has said it would offer single-digit loan to rice farmers in the Niger Delta area to boost their production. According to a statement signed by the Head, Press and Public Relations at the Ministry of Niger Delta Affairs, Patricia Deworitshe, farmers participating in the CBN initiative will also benefit from index insurance. Punch Nigeria reported that the statement was issued after a second collaborative meeting between the Minister of Niger Delta Affairs, Godswil Akpabio, and representatives of the CBN in Abuja. According to…

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Only six firms will be allowed to import milk in Nigeria, CBN says

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NIGERIA – The Central Bank of Nigeria has given approval to six dairy companies to import milk into the country. CBN in a statement signed by Director, Trade and Exchange Department, Dr Ozoemena Nnaji said that the move is part of efforts aimed at bridging the supply gap of milk. This move comes even as the government pursues its backward integration strategy to make the country self-sufficient in milk production. Nigeria’s apex bank said the approval was given in line with its objective to increase and improve the local production…

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