Stop Giving FOREX to Importers of Food Items, Buhari Directs CBN Governor

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President Muhammadu Buhari Tuesday directed the Central Bank of Nigeria (CBN) to stop henceforth from giving official foreign exchange to importers of food items into the country.
Buhari said this was because Nigeria has attained food security and does not need such imports.
In a statement by the presidential spokesman, Mallam Garba Shehu, the President explained that foreign reserves will saved and utilized mainly for diversification of the economy.
Buhari spoke when he received some governors who celebrated the Eid-el-Kabir with him in his home town, Daura, Katsina state.
Buhari was quoted saying, “Don’t give a cent to anybody to import food into the country’’
The President identified Kebbi, Ogun, Lagos, Jigawa, Ebonyi and Kano as having huge returns in rice farming, adding tha they took advantage of the federal government policy on agriculture.
He called on other states to embrace the policy of agriculture revolution in the country.
He said, “We have achieved food security, and for physical security we are not doing badly”
He expressed delight that some young graduates are beginning to go into agricbusiness and food entrepreneurship.
He disclosed that incoming ministers will be directed to meet the target of the administration for the people.
It would be recalled that the CBN Governor, Mr. Godwin Emefiele, had in December 2018 disclosed that the country’s monthly food import bill fell from $665.4 m in January 2015 to $160.4m as of October 2018.
He said this led to savings of about $21 billion on food imports for the period.
According to him, foods imports were recorded rice, fish, milk, sugar and wheat.
He had also said there has been 97.3 per cent cumulative reduction in monthly rice import bills, 99.6 per cent in fish, 81.3 per cent in milk, 63.7 per cent in sugar, and 60.5 per cent in wheat.”


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