Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Tuesday urged rice millers in the country to embrace the apex bank’s backward integration initiatives aimed at conserving the nation’s foreign exchange reserves and creating jobs in the country.
The banking industry regulator was quoted in an information posted on the bank’s website as giving this charge during the inauguration of Garewa Rice Mills in Kano.
While noting that embracing such initiatives will also revamp local production capacity, Emefiele stressed the need for rice millers to get involved in paddy production to guarantee sustainable supply of rice paddy to their mills.
The CBN Governor further maintained that taking the step will also complement supply from the smallholder farmers through the apex bank’s partnership with the Rice Farmers Association of Nigeria (RIFAN), the rice millers’ umbrella body, and other prime anchors in the commodity’s value chain.
He noted that the number of rice mills in the country had grown from less than 10 with a combined capacity of less than 350,000 metric tons in 2015 to over 68 with a combined capacity of three million metric tons as at January this year.
Emefiele further explained that the introduction of the Anchor Borrowers ‘ Programme (ABP) in 2015, had spurred growth in the sector even as he hinted that about 10 more mills would be inaugurated before the end of this year.
While assuring rice millers of the apex bank’s support at all levels of the rice value chain, the CBN Governor, maintained that “food security remains a cardinal deliverable for every developing economy as it serves as the fulcrum of many other economic development indices.”
Emefiele pointed out that with the revitalized Nigeria Commodity Exchange, the grading, sorting, quality assurance and storage infrastructure for key agricultural commodities would be better facilitated.
