CBN To Revamp NCX Operations By Q4 2021

The Central Bank of Nigeria said it would  revamp the Nigeria Commodity Exchange (NCX) which is expected to commence operation by the 4th quarter of 2021.

 

 

The apex bank also faulted claims suggesting that the apex  bank’s targeted interventions in the agricultural sector are tilted in favour of a certain section of the country

 

CBN Governor, Godwin Emefiele, disclosed this during the launching of rice pyramid in Ekiti State on Tuesday.

 

Emefiele further  pushed for more private sector investment in Nigeria’s agricultural value chain.

 

CBN Governor, Emefiele, urged farmers to repay loans promptly to ensure sustenance of Anchor Borrowers’ Programme (ABP).

 

Emefiele: “The CBN is also positioned to ensure the integration of our farmers into the Government’s Economic Sustainability Program, aimed at providing 5 million homes with electricity using solar energy”

 

“We believe significant improvements in domestic production of staple food items, would help in attaining our price stability goals while reducing our dependence on imported food items” – Emefiele stressed .

According to him, CBN finances 3,107,890 farmers for the cultivation of 3,801,397 hectares across 21 commodities through 23 Participating Financial Institutions in the 36 States of the Federation and FCT.

Emefiele, again, noted that Nigerian youths have the talent, energy, enthusiasm, technological adoption capacity and drive to revolutionize agricultural production in Nigeria.

CBN plans minimum 1 million hectares of rice through a combination of RIFAN farmers and prime/private anchors for each planting season in 2021.

Emefiele added that attaining food sufficiency in food production will not come cheap.