Forex Scarcity Good for Nigeria- CBN

The current scarcity of foreign exchange confronting the country has been described as a good riddance for the Nigerian economy because local production of various essential goods are now being given top priority.

Mr Godwin Emefiele, Central Bank of Nigeria (CBN) governor, stated this  during the assessment tour of the farmlands cultivated under the Anchor Borrowers Programme in Kebbi State during the weekend

He said that the commitment of the stakeholders and expected output from Kebbi state alone have proved the critics of the apex bank’s policy measures wrong.

 Emefiele who was full praises for the farmers and the Kebbi State Government for their determination and commitment, noted that with level of success attained with the pilot project in Kebbi state in addition to what he saw at Sunti Golden Sugar Estate in Niger state just recently, it is now a reality that the country can produce enough to feed itself and even export in no distant future.

The highly elated apex bank Governor reiterated that agriculture being the bedrock of genuine economic growth of any nation and that Nigeria cannot be an exception.

As such, Nigeria with large expanse of arable land ought not to be spending huge amount of money in importing food items at the expense of other competing needs.

 The Governor stated that the success recorded by the rice farmers in Kebbi state has rekindled hope in the ability of Nigeria to be self sufficient in rice and wheat production.

 He noted that with the sum of two hundred and ten thousand naira granted to each farmer, they are able to cultivate a hectre of rice.