Nigeria imports over 580 million U.S. dollars worth of cassava by-products annually, an objectionable development that the government aims to stop by boosting food production locally, the governor of Nigeria’s central bank said on Friday, Naija247news reports citing Xinhua.
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), in a statement made available to Xinhua, pointed out there was a need to support small-holder farmers to boost food production in that direction.
Such support would help farmers improve their yields and help to provide high-quality cassava flour for households, industries, and bakeries, Emefiele said.
He noted the developmental finance initiatives at the CBN were focused on creating an enabling environment that would drive both public and private sectors’ participation in the real sector of the economy.
Such initiatives, he said, would record strategic deliverables around import substitution, price stability, job creation, financial inclusion, and increase foreign reserve.
The CBN remained committed to working with Nigerian state governments in supporting small-holder farmers and processors across various commodities such as cassava, palm oil, and fisheries, the apex bank chief added.