Our Interventions Saved Nigeria N1.3tn Import Bill Annually, Says CBN

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The Central Bank of Nigeria (CBN) Tuesday said that it has been able to save Nigeria as much as N1.3 trillion annually on import bills through its interventions in key sectors.
The apex bank said its approach was anchored on agriculture, Micro, Small and Medium Enterprises (MSMEs) and key infrastructure.
Deputy Governor, Corporate Services Directorate, Central Bank of Nigeria, Mr. Edward Adamu, who spoke on the occasion of the 28th seminar for finance correspondents and business editors held in Owerri, Imo state, said its interventions and unconventional policy measures were what helped in accelerating actualization of government’s economic programmes.
Adamu who was represented by the CBN Director, Corporate Communications, Mr. Isaac Okoroafor added that the approach by the CBN was to stimulate economic growth through agriculture, Micro, Small and Medium Enterprises (MSMEs) and infrastructure.
He disclosed that its Anchor Borrower Programme (ABP) has so far supported as much as over 1.5 million farmers in all the states of Nigeria.
With 16 different commodities cultivated in 1.4 million hectares of farmland, over 2.5 million jobs were created in agricultural value chain, Adamu said.
He added, “In all, there is sufficient evidence of significant reductions in our annual imports bill, and increased non-oil exports. Our development finance interventions have helped to bolster agricultural production by removing obstacles faced by smallholder farmers.”

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