A partnership between Bank of Nigeria (CBN), and OCP Fertilisers Nigeria Limited could result in over 700, 000 wheat farmers earning more N400, 000 per hectare, totalling N210 billion from next year, Checkout Magazine learnt.
This represents an addition to the earnings of wheat farmers, estimated at N350, 000 per hectare, after deducting production costs. The move will also increase projected yield beyond 450,000 metric tonnes yearly.
The boost comes on the heels of a new deal among OCP Africa, a phosphate-based fertiliser producer, Lake Chad Research Institute (LCRI), Institute of Agricultural Research and Training (IART) and Bayero University Kano (BUK) on the production of special wheat fertiliser that would ensure maximum crops.
The Executive Director, LCRI based in Maiduguri, Borno State, Dr Oluwasina Olabanji, explained that the apex bank’s intervention through the Seed Multiplication Programme supports farmers in cultivating thousands of hectares to make seeds available for cultivation.
He posited that the intervention of the CBN will address the country’s declining wheat production, which has been hampered by inadequate seed and lack of technical knowledge transfer on the production of improved seeds. Nigeria spends about $4.7 billion yearly on wheat import, as it requires 5.1 million tonnes of grains, but produces only 300,000 metric tonnes, thereby depending on imports to meet the huge deficit.
