Our Nigeria News Magazine
The news is by your side.

CBN Offers N50 Billion to Resuscitate Nigeria Commodity Exchange

CBN Offers N50 Billion to Resuscitate Nigeria Commodity Exchange

The Central Bank of Nigeria (CBN) says it has provided N50 billion for the resuscitation of the Nigeria Commodity Exchange.

The Governor of the apex bank, Mr. Godwin Emefiele disclosed this during the commemoration of the National Rice Festival and Flag-off of the 2020/2021 dry season rice cultivation on Thursday in Gombe.

Mr Emefiele stated that President Muhammadu Buhari had as a result of the growth recorded in nation’s drive to attain self-sufficiency in food production under the anchor borrowers program of the CBN, approved the resuscitation of the Nigeria Commodity Exchange.

According to him, the program has from inception in 2015 financed over 3 million farmers who cultivated 3.9 million hectares of lands across 21 commodities in the 26 states of the federation and the FCT.

He explained that the program was implemented through 21 participating financial institutions. He added saying: “5 years of the implementation of the anchor borrowers program has led to significant improvement of agricultural and food production as well as income to our rural dwellers and communities”.

Emefiele further explained that: “The achievements that have been recorded has help to show that Nigeria can achieve self-sufficiency in the production of safe food items within the shortest time”.

While thanking and congratulating President Buhari as well as Governor Atiku Bagudu of Kebbi State and other actors for the successes recorded, Emefiele said: “The positive impact of the anchor borrowers program can be seen in all agrarian communities as it has brought hope to the farming population through the timely delivery of farming inputs and the provision of a guarantee market for their outputs”.

“The anchor borrowers program has been able to support some of our micro-economic objectives by enabling more employment opportunities, driving financial inclusion and improving access to finance in our rural communities.

“And to continue on this journey we have continued to transform our learning experiences to improve efficiency in the execution of this program. And what we are witnessing today is a demonstration of our growth and a strong indication of the enormous potentials of the country’s agricultural face,” Emefiele stated.

CBN Offers N50 Billion to Resuscitate Nigeria Commodity Exchange

Leave A Reply

Your email address will not be published.