Agribusiness

CBN to boost local production with agricultural initiatives – Emefiele

Access Bank
The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has expressed satisfaction with what he described as the high interest of Nigerians in the agricultural sector, expressing the bank’s commitment to boosting local production.
According to a statement, Emefiele said this while addressing journalists during an inspection tour of a palm plantation at Odighi village in the Ovia North East LGA of Edo State.

“We produce what we eat and eat what we produce by coming up with several initiatives aimed at repositioning the sector with a view to creating employment opportunities as well as growing the gross domestic product of the country,” he said.

He commended the Federal Government’s foresight to revamp the agricultural sector with the CBN playing a major role.

Emefiele said with the rising cost of food items across the globe, Nigeria would have been in dire circumstances if the proactive measures were not taken.

On his assessment of the developments in the farm, Emefiele, who was elated with the strides being recorded in the production of maize and cassava, expressed optimism that palm produce’s harvests would commence in the next 12 months.

While acknowledging the role played by the Edo State Government, he thanked Governor Godwin Obaseki for making available arable land to those who are genuinely interested in agriculture.

Emefiele also commended the efforts of the promoting company, Agri-Allied Resources and Processing Limited and its parent company, Tolaram Limited, for heeding the call made by the CBN to source their critical raw materials locally.

He noted that the company had painstakingly embraced backward integration principle by acquiring farmland to the tune of 18,000 hectares for the cultivation of oil palm, cassava and maize which are the critical raw materials use by the group.

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