Home Foreign News The Central Bank of Nigeria (CBN) said Nigeria spends $2 billion yearly on wheat import.

The Central Bank of Nigeria (CBN) said Nigeria spends $2 billion yearly on wheat import.

by Emmanuel Ogundele
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CBN Governor, Godwin Emefiele said the bank was working to increase wheat production and reduce imports by 60 per cent.

The CBN also plans to address key problems in the wheat value chain through financing massive production of wheat in Nigeria and facilitate sustained high yield seed variety.

Wheat was the second highest contributor to the country’s food import bill, putting pressure on the country’s foreign reserve as over $2 billion was spent annually on the importation of over five million metric tonnes (MT) of wheat.

The apex bank data showed that only one percent or 63,000MT of wheat, out of the five to six million metric tonnes of wheat consumed annually, was produced locally

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