Home > BANKING > FGN Policy Has Reduced Rice Importation — CBN

FGN Policy Has Reduced Rice Importation — CBN

Oru Leonard

 

The Federal Government protectionist policy has reduced the volume of rice importation into Nigeria in 2018. This is corroborated by figures obtained from various official sources like India and Thailand that are dominant rice exporters to Nigeria which indicated that as at September, the latter had so far exported about 5,161 metric tonnes of rice to Nigeria, while the former sold only a paltry 426 tonnes as at July 2018.

This has been attributed to the concerted efforts by the Federal Ministry of Agriculture and Rural Development and the interventions of the Central Bank of Nigeria (CBN).

The Director, Corporate Communications at the CBN, Mr. Isaac Okorafor while exchanging views with news men noted that the Bank had not allocated any foreign exchange for the importation of rice this year.

Also Read This: 

Mr. Okorafor also noted that the figures being mentioned in certain quarters were based on unrealistic assumptions such as satellite mapping of farms, expected demand by politicians for election campaigns as well as expected losses from flooding, all of which led to unauthentic conclusions that the country had imported or could import 400,000 more metric tonnes.

The Spokesperson for the CBN further noted that the combined figure of 5, 587 tonnes of rice imports from India and Thailand may have been rice imported on not-valid-for-forex basis.

Meanwhile, trade figures for the second quarter of 2018 received from the National Bureau of Statistics (NBS) showed that total imports value was N2,106.7 billion; -16.3% lower than Q1, 2018 (N2518.26 billion) and – 19.9%% lower than Q1, 2017 (N2,631.65 billion). The report on the Bureau’s site showed that the value of imported agricultural goods in the second quarter of 2018 (N224.52 billion) increased by 21.7% from Q1, 2018 (N184.49 billion) and lower by -3.14% from Q2, 2017 (N231.80 billion).

Also Read This:  Ekiti APC holds governorship primary on Friday

According to the report, raw materials imports in Q2 2018 (N261.10 billion) declined by -8.3%% compared to Q1, 2018 (N284.81 billion) and lower by -14.2%% compared to Q2, 2017 (N304.43 billion). The solid minerals import in Q2, 2018 (N17.29 billion) increased by 37.0% on a quarter-to-quarter basis (N12.62 billion), but declined by -91.0% on a year-to-year basis (N193.16 billion). Energy goods imports in Q2, 2018 (N98.17 million) was 202.6% higher than Q1 2018 (N32.45 million), and 288.5%% higher than Q2, 2017 (N25.27 million).

Also Read This:  Mary Uduk takes over as Acting Director General SEC

The NBS reports that the value of manufactured goods imported in Q2 2018 (N1,175.86 billion) declined by -1.2% over the previous quarter (N1,189.97 billion) but increased by 1.6% over the same quarter in 2017.

Since the inception of PMB regim, the Federal Ministry of Agriculture and Rural Development and the CBN had been collaborating to reduce the volume of rice importation through what has become famed as the Rice Revolution.

 

 

 

Share Button

Leave a Reply

Your email address will not be published. Required fields are marked *