The Central Bank of Nigeria CBN says it has expended 42 billion naira in financing the cultivation of 132,799 hectares of land for wheat production for 2021/2022 dry season.
The CBN Governor, Mr Godwin Emefele disclosed this at the 2021/2022 Brown Revolution Field Day/Harvest Flag Off in Gabarin village, Ringim local government area of Jigawa state.
He recalled that the Nigerian Brown Revolution was flagged off on November 9, 2021 in Jos, which he described as a tactical strategy developed by the apex bank to address the challenges in the Wheat Value Chain.
Godwin Emefele who was represented by the CBN Dutse branch Controller, Hajiya Sa’adatu Ibrahim, said that strategy is anchored on making high yield seed variety available through implementation of a local seed multiplication programme, expanding land cultivated for wheat through collaboration with state and federal agencies.
He further explained that, it is also aimed at increasing the annual cycle for wheat cultivation to include wet season farming and promote food agronomic practices for wheat cultivation through international collaboration.
Emefele pointed out that, Nigeria’s food inflation has been on a steady decline, adding that the current happenings in Russia and Ukraine and the energy challenges being faced in the country has caused a slight increase in food inflation.
According to him, wheat is the food commodity most impacted by the crisis as the two countries supply over thirty per cent of the global wheat demand and wheat prices are currently at a 14 year high.
The Governor noted that, in Nigeria, wheat remains one of the commodities with the highest demand and despite its high demand rate, Nigeria produces less than two per cent of its annual wheat consumption needs.
Usman Mohammed Zaria
