The Central Bank of Nigeria on Friday said Nigeria imports over $580 million worth of cassava by-products annually.
This is an objectionable development that the government aims to stop by boosting food production locally.
Godwin Emefiele, governor of the CBN, in a statement made available to Xinhua, pointed out that there was a need to support small-holder farmers to boost food production in that direction.
Such support would help farmers improve their yields and help to provide high-quality cassava flour for households, industries, and bakeries, Emefiele said.
He noted the developmental finance initiatives at the CBN were focused on creating an enabling environment that would drive both public and private sectors’ participation in the real sector of the economy.
Such initiatives, he said, would record strategic deliverables around import substitution, price stability, job creation, financial inclusion, and increase foreign reserve.
Governor Emefiele said that the CBN remained committed to working with Nigerian state governments in supporting small-holder farmers and processors across various commodities such as cassava, palm oil, and fisheries.