The Central Bank of Nigeria (CBN) on Thursday disclosed that as a result of the Federal Government’s commitment to agricultural sector’s growth and its sundry interventions in the sector, the nation’s food import bill dropped by $2.84 billion over the past few years.
Giving this hint at a One-day Stakeholders’ Sensitisation Workshop on the National Agricultural Sample Census, in Abuja, the Governor of Central Bank of Nigeria (CBN), Dr Godwin Emefiele, said that Nigeria’s food imports bill dropped from $3.40 billion in 2014 to $0.56 billion, representing a drop of over 80 per cent over the period of the apex bank’s recent interventions
Represented at the forum by a senior official of the Development Finance Department, Dr. Olabimtan Adebowale, the CBN governor listed some of the key interventions that led to the huge drop in food import bill as including, the Anchor Borrower’s Programme (ABP), Commercial Agriculture Credit Scheme (CACS), Accelerated Agriculture Development Scheme (AADS), Private Sector-led Accelerated Agricultural Development Scheme (P-AADS), Maize Aggregation Scheme (MAS), Paddy Aggregation Scheme (PAS) and the Rice Distribution Facility (RDF).
According to him, the Anchor Borrower’s Programme (ABP), which is the bank’s flagship programme in the agricultural sector, has become a game changer for financing smallholder farmers, who are at the forefront of the Federal Government’s drive for food security and self-sufficiency.
He explained: “As you are all aware, the programme was designed to serve as an economic link between the smallholder farmers and anchors (agro-processors and manufacturers) who provide quality inputs and trainings in best farming practices to ensure high yield and outputs.
“The ABP has supported about 4 million smallholders cultivating over 4.9 million hectares of 21 agricultural commodities across the country. The positive impact of ABP on the agrarian communities is evident for all to see.
“The programme has led to a significant increase in the incomes of small-holder farmers in these communities and brought hope to the farming population through the timely delivery of agricultural inputs and linkage to guaranteed offtake market-determined prices” Emefiele added.
While commending the National Bureau of Statistics (NBS) on the latest intiative to conduct the National Agricultural Sample Census (NASC) for the country, the CBN Governor charged the) to look specially in those agricultural commodities the apex bank had been intervening over the years and provide data that will further guide its funding activities in the sector.
In her opening remarks, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, explained that the agricultural sector had been of one of the most important sectors being given special attention by the President Muhammadu Buhari-led government over the years and that is now contributing approximately 24 percent of the nation’s GDP and engaging over 50 percent of the workforce, both directly and indirectly.
She said: “The sector is not only vital for economic output and employment purposes, but more importantly, it is an essential part of the societal culture.
“The importance of this sector, more than ever before, has been demonstrated by the administration of President Muhammadu Buhari, through the heavy investments channelled into it since 2015. The aim of these investments is to increase output in the entire value chain to meet the nation’s demand for food, employment, and export earnings.
“It is as a result of government’s heavy investment and attention to this sector that during the recession brought in by the COVID-19 pandemic, and the security challenges being encountered in some parts of the country, the sector consistently recorded positive Gross Domestic Products (GDP) numbers”, the minister added.
