CBN allots N50b for Commodity Exchange

The Central Bank of Nigeria (CBN) has earmarked N50 billion for the Nigeria Commodity Exchange (NCX) in a bid boost post-harvest handling of farm produce.

Its Governor, Godwin Emefiele announced this yesterday in Zauro, Kebbi State during the flag-off of the 2020 wet season harvest aggregation and dry season input distribution.

He said the NCX will guarantee effective pricing for farmers, minimise the adverse effect of middlemen and transfer the gains from primary production to other modes of the value chain.

Specifically, he noted that a total of 2,923,937 farmers, cultivating 3,647,643 hectares across 21 commodities through 23 participating financial institutions, had been financed in the 36 states of the federation and the Federal Capital Territory (FCT) since inception.

“The Northwest zone with 85,261 farmers that cultivated 120,218 hectares represented 38.5 per cent in total number of farmers and 54.3 per cent in total number of hectares financed,” he said, adding that the massive pyramids being launched in Kebbi were harvests from various fields across Kebbi State and a confirmation of the positive outlook of the ABP,” he said.

Continuing, Emefiele said the partnership between the CBN and the Kebbi State government and RIFAN aimed at complementing the Economic Sustainability Plan of the Buhari Administration.

He noted that Nigeria was naturally blessed to meet her food requirement and had no reason to continually repeat mistakes of the past of neglecting agriculture.



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