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CBN says Nigeria imports over $580 million worth of cassava by-products annually

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CBN Governor Godwin Emefiele at the commissioning of Rivers Cassava Processing Company.

The Central Bank of Nigeria (CBN) has said Nigeria imports over $580 million worth of cassava by-products annually and this has made the nation rely on the imports.

The CBN Governor Godwin Emefiele, via the Bank’s Twitter handle, on Thursday, while commissioning Rivers Cassava Processing Company.

Emefiele explained that the facility will help the nation reduce her reliance on imports of cassava by-products.

The tweet read: “The facility will help in reducing our reliance on imports of cassava by-products, which serves as a key input in the production of food items in several factories. Nigeria imports over $580 million worth of cassava by-products annually.

“The cassava processing facility helps to support the CBN’s mandate of promoting economic growth for Nigeria. The cassava processing facility will also provide farmers with a verifiable platform to access finance from the Central Bank of Nigeria and other financial institutions through our Anchor Borrowers Program.”

Tehceconomy.ng previously reported that the intervention funds to the manufacturing sector rose to N803bn as of February.

This medium obtained the figures from the CBN’s report on the Monetary Policy Committee revealed this on Tuesday, April 12.

The report read: “Under the N1tn manufacturing intervention stimulus, the total of N803.36bn has been disbursed to 228 projects across various sectors in agro-allied, mining, steel production and packaging industries, among others,”

It was also reported that the CBN, in May 2020, introduced guidelines for the implementation of the COVID-19intervention facility for the manufacturing sector.

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The central bank explained that the intervention facility was to support the Federal Government’s palliative measures to support beleaguered manufacturing enterprises in priority economic activities.

It noted that its focus is on boosting local manufacturing capacity and support mass employment, wealth creation and foreign reserve accretion.

According to it, Part of the objectives was to improve access to affordable credit by domestic manufacturing enterprises across critical sectors of the economy; and close financing gap necessary for the replacement of machinery and equipment to enhance local production.

 

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