CBN sets aside N40bn for rice, wheat farmers

President Muhammadu Buhari said on Tuesday that Nigerian rice and wheat farmers would benefit from N40 billion set aside by the Central Bank of Nigeria (CBN) towards ensuring that the Africa’s largest economy was able to improve on local food production and particularly feed itself.

But the President regretted that the country, which ought to have been self sufficient in food several years after independence, still spends so much on imports in the face of the already dwindled foreign exchange.

Buhari was speaking while giving a remark at the annual Bola Tinubu colloquium tagged ‘Agriculture: Action, work, revolution’ to lend credence to the essence of the lecture title.

“In the last two years, Nigeria spent $11 billion importing rice, sugar, wheat and sugar, this is why this administration is focusing on import substitution and food security.

“We intend to also ensure that the market is fair and worth to transform small-holder farmers from beggars to businessmen.” Furthermore, we are going to keep focusing on improved nutrition for children. We know the effects of hunger and poor nutrition can last a lifetime. Children are thrown out of school to earn a living,” the President said.

Diversification, Buhari said is not just a slogan but a necessity that has to be given an utmost priority. “The need to focus on the current critical challenges confronting the nation in the area of import substitution is what necessitated the CBN to set aside the fund for rice and wheat farmers to access,” he told the gathering.

The key to the current administration according to the current administration is to be able to produce what it consumes the most. “We have to produce what we eat, we now have nine rice producing states, and we will support development and the investment in the sector.”

“We will therefore hold ourselves responsible because entrepreneurship is worthy of being considered at this point in time. All hands must therefore be on deck in employing new approaches in tackling the situation at hand.”

The President assured that in the coming months, Nigerians will see much more actions as his government is taking pragmatic steps to cushion the effects on Nigerians, assuring that there were better days ahead.

“In the coming months, Nigerians will see much more actions. Government will continue to invest substantially in human capital development and this is just the beginning.

“We are going to hold ourselves accountable. We will measure results. There will always be some scepticism; some have even become disorientated and impatient enough to think that barriers are insurmountable. Any one who claims great change is impossible can only look as an ordinary success”, he said.

Apparently gauging the enormity of work to be done to better the lots of Nigerians, President Buhari urged all hands to be on deck.

“We can achieve more with partnership that link up and scale up our respective efforts.

“I am declaring that we need a new approach that challenges more states and local governments, more organisation, companies and non governmental organisations and individuals, some of the younger people who are here to step up and play a role because government can not and should not do it alone. All hands should be on deck,” he said.

The president who commended the organizers of the Bola Tinubu Colloquium for the choice of the theme of the event on agriculture stated that the intention of the government was to create enabling environment that would bring viability on the economic potentials of the private sector.

The President said: “We intend to organize an efficient market infrastructure that will make agriculture viable for investors. We are providing an enabling environment so as to ensure certainty and predictability for the private sector.

“We intend to also ensure that the market is fair and worth to transform small holder farmers from beggars to businessmen.

“Further more, we are going to keep focusing on improved nutrition for children. We know the effects of hunger and poor nutrition can last a lifetime. Children are thrown out of school to earn a living”.