CBN Sets To Curb The $600 Million Spent On Annual Importation of Cassava

November 30, 2020
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By Adejumo Enock

The Central Bank of Nigeria is set to commence a boost Cassava value chain to be boosted with N25 Billion in 2020

This was disclosed by the Central Bank of Nigeria, CBN’s Senior manager, Department of Development and Finance, Dr. Chinedu Zaphaniah.

This will help stop the $600 million spent annually on importation of cassava derivatives into the country.

While Speaking during the National Commodity Alliance Forum, NCAF this Saturday, Chinedu denounce Nigerian the largest producer of cassava in the world but still import cassava derivatives.

He state that CBN has invested N25 Billion on cassava this year, adding that CBN designed a scheme tagged ‘Five Star Cassava Farmers’, which will help provide fund for cassava farmers who had borrowed and paid loans in the past.

He said, the CBN did a test run in Kogi, Ondo, Ekiti, Ebonyi, Cross River and Kebbi State which they discovered that extention is critical therefore the Bank needs those who will partner to support the programme.

Zephaniah expressed that, “This is in place of the initial program we were doing before wherein Agricultural Development Programs were funded to cultivate one hectare of farm.

“Agricultural financing is a sticky one and its very tough because we are a mere regulatory body we do not have the expertise on extension.

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