Uncategorized

Agriculture remains the key to Nigeria’s economic diversification – President Buhari

On May 29, President Muhammadu Buhari clocked  five years in office, his government’s objectives have remained to stabilize the macroeconomy, achieve agricultural and food security, ensure energy sufficiency in power and petroleum products, develop infrastructure, fight corruption and improve governance,below is a highlight of his achievements in the Agriculture sector.

Fertilizer Initiative

This has become the new hope for the nation as it diversifies along the non-oil sector, because hitherto, oil has been the only source of revenue for Nigeria.

In the presidents Democracy Day speech,he said:

“Agriculture remains the key to our economic diversification strategy. The Presidential Fertilizer Initiative programme continues to deliver significant quantities of affordable and high-quality fertilizers to our farmers. This initiative has also revived 31 blending plants and created a significant number of direct and indirect jobs across the value chain.

“Government is also revamping the cotton, textile and garment sector via a CBN Textile Revival Intervention Fund that would considerably reduce foreign exchange spent on cotton and other textile imports.

“Through the food security initiative, we are promoting “Grow What We Eat” and “Eat What We Grow”. I am also delighted that more and more Nigerians are taking advantage of the opportunities in the agriculture and agri-business sector. I assure you that government will continue to support the Agriculture sector through the CBN Anchor Borrowers Programme and similar schemes.

“To protect our farming investments, we have deployed 5,000 Agro-Rangers and employed 30,289 in our para-military agencies. We are also integrating rural communities to the formal economy by extending access to credit and inputs to rural farmers and building feeder roads.  

“Our efforts on growing non-oil exports have started to yield some results. For instance, in the past year, our revenue from Cocoa and Sesame Seed increased by $79.4 million and $153 million.”

Anchor Borrowers Programme

Furthermore, the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria, launched by President Muhammadu Buhari on November 17, 2015, has made available more than 200 billion Naira in funding to more than 1.5 million smallholder farmers of 16 different commodities (Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soy Beans, Groundnut, Fish), cultivating over 1.4 million hectares of farmland.

The ABP has substantially raised local production of rice, doubling the production of paddy as well as milled rice between 2015 and 2019.

Between 2016 and 2019, more than 10 new rice mills came on-stream in Nigeria. Many of the existing Mills have expanded their capacity; several new ones are under construction.

This administration remains greatly committed to improving the livelihood of all Nigerians.

Source: Voice of Nigeria