National Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday that Nigeria spends what might as well be called N1trillion in outside trade every year to import rice and wheat.
Emefiele talked in Jibia, Katsina State, at the dispatch of the CBN Anchor Borrowers Program and 2016/2017 Dry Season Farming.
''Nigeria's import bill is astoundingly high; beat four import items, which incorporate rice and wheat, devour over N1 trillion in outside trade every year,'' he said.
As indicated by him, depending intensely on nourishment importation energizes residential swelling and drains the nation's outside stores.
The representative, spoke to by the Director, Development Finance, Mr Olaitan Mudassir, said nourishment importation effectsly affected nearby generation ventures and made unemployment.
"In reality, reliance, particularly on products that have preferred standpoint, is not satisfactory and feasible either financially, monetarily or politically.
"Expanding rice generation is a need as rice importation proffers no future for any country in the long haul.
"Nigeria can't bear to constantly rely on upon imported rice," he said.
He said the Federal Government banned sustenance importation to help cultivating and expand the country's economy.
The representative said that the administration had mapped out systems to diminish its import charge on distinguished wares by no less than 10 for each penny every year.
"I immovably trust that Nigeria will never again be one of the world's most elevated shipper of rice.
"It will end up being an exporter of products in medium terms," he said.
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