Rice production saves Nigeria $800m in two years – BoA


The Bank of Agriculture on Wednesday reported that the federal government saved about 800 million dollars, encouraging local rice production in the country.
Prince Niyi Akenzua, Executive Director for Finance and Risk Management, BoA, said at a briefing in Lagos before the "Meeting at the Farmers' Conference" in 2018, scheduled for October 10 at the country's shopping center.
The Nigerian news agency reports that the conference, organized by Crenov8 Consulting, aims to expose African farmers to opportunities in the field of agro-export, especially in Dubai and other countries of the Middle East.
Achentsua praised the government's initiative to diversify the economy with a special emphasis on agriculture, urging Nigerians to play a key role in programs because of their comprehensive benefits.
He said that the government restructured BoA in 2016 to provide it with critical assistance to the agricultural sector in terms of food security and increased exports of agricultural products to increase the country's gross domestic product.
He said: "The Central Bank of Nigeria has provided assistance in the amount of $ 250 billion. The United States for the Development Assistance Fund, which is paid through the Borrower's Borrower Program.
"In 2017, we provided farmers with about N100 billion, And in 2018 we also paid about 50 billion pounds sterling."
He said that rice production has increased to a level that people could ever imagine, and that the government was aiming for the beginning of 2019 to completely stop rice imports.
Achentsua said that the focus is on standardization and packaging of agricultural products from Nigeria to make them acceptable to the export market.
Earlier, Bol Oedele, a representative of Crenov8 Consulting, said that in 2016, Dubai imported more than $ 100 billion of food from Africa, and it is expected that in the next eight years it will grow to about $ 400 billion.
Oidele urged Nigeria and other African countries to use huge opportunities for the export of various agricultural products, such as cocoa, rice, gum arabic, palm oil, wheat, corn, in particular to Dubai and the Gulf Cooperation Council.
According to her, the conference participants will be acquainted with a wide range of issues, such as agricultural trade in Dubai and GCC, requirements for import and export, laws and policies, financing, delivery and insurance among others.

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