FG, CBN Boost Local Rice Production to 70 Percent

*** Targeting 10, 000 Youths for Rice Production Nationwide

 

By Time Nigeria

 

The Central Bank of Nigeria (CBN) has said that the production of rice in the country has increased by 70 percent. It said this was as a result of the introduction of the Anchor Borrowers’ Programme (ABP) by the federal government.

 

Chukwudum Nzelu who is the Head of Development, Finance Department, CBN, said this in Calabar, Cross River state. He further stated that the new scheme has improved local rice production from 30 percent to 70 percent.

 

He added that if this trend is upheld, there would be an influx of jobs for many people like farmers, transporters, labourers and others in various industries.

 

Nzelu emphasised that going by the large population in the country, there is already a market for rice production. “So we did an experiment with rice through what we called the Anchor Borrowers’ programme, where a rice miller comes as an off-taker for smallholder farmers who would produce for him and then he takes from them and mills.”

 

The Head of Development, Finance Department posits that the increase in rice production has saved much foreign exchange; he maintained that if the trend is sustained, there would be job creation in the agricultural industry.

 

He emphasised that if this trend is upheld, there would be an influx of jobs for many people like farmers, transporters, labourers and others in various industries. He also mentioned that going by the large population in the country, there is already a market for rice production.

 

“So we did an experiment with rice through what we called the Anchor Borrowers’ programme, where a rice miller comes as an off-taker for smallholder farmers who would produce for him and then he takes from them and mills.

 

“Factories that were operating at 30 percent now are operating at 70 percent production capacity after the experiment. With this increase, we have created jobs. “That is why between 2016 and 2017, we have a lot of local rice on the market. So many local factories that were dormant became active again,” he said.

 

He pointed out that the CBN was facilitating a high profile agricultural development programme. This, according to him, is targeted at engaging a minimum of 10, 000 youths nationwide. He said CBN is of the opinion that importation of products that we can locally produce will always bring about lack of jobs in the country.

About Time Nigeria

Abdul Rahman Aliagan is an Abuja-based seasoned Journalist who has spanned over a decade in the profession. My flare for Investigation has earned me a niche and more on the profession. Presently, I am the National Publicity Secretary, Guide of Investigative Journalists, an umbrella body for the curious journalists in Nigeria. I am a student of History from the Better By Far University, University of Ilorin, Ilorin, Kwara State, Nigeria, I was born in late 70s. I started my Journalistic career with The Herald Newspaper, in 1997 and moved my career to Funtua, Katsina State as a Media Assistant to a Non-Governmental Organization, Pan-African Development Education and Advocacy Programme (PADEAP) where I later joined the service of Newspeg Newspaper as a Senior Correspondent and became the pioneer Editor as it transformed to Magazine. However, close to two decades uninterrupted experiences gave birth to Time Nigeria Magazine that is setting Economic and political pace for the most populated country in African continent, Nigeria.

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