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Yila highlighted the potential of the wheat value chain for the economy, noting that the apex bank would focus on the product in the 2021/2022 planting season after sustainable progress had been made in the rice and maize value chain He said: “The CBN plans to address key problems in the value chain through financing massive production of wheat in Nigeria and seeks to facilitate sustained availability of high yield seed variety in-country and improve general productivity.” He disclosed that wheat was the second-highest contributor to the country’s food import as over $2billion was spent yearly on the importation of over five million metric tons (MT).
The Central Bank of Nigeria (CBN) has restated its commitment to addressing the challenges affecting the country’s wheat production and other value chain areas as part of efforts to boost local production to reduce dependence on importation.
He stressed that partnership among stakeholders in the value chain remained critical in boosting production and achieving self-sufficiency.
While admitting the enormous challenge before the Bank, he assured stakeholders of the CBN’s readiness to partner with other stakeholders to changing the narrative..
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