NIGERIA’S FOREIGN RESERVES BOOMING

Nigeria’s foreign reserves increases to US$42.4 billion from the former US$40.4 billion last month

The Central bank of Nigeria (CBN) continues help has made Nigeria’s foreign reserves increase to US$42.8 billion. The increase is by US$2.4 billion from the former US$40.4 billion last month.

This growth is due to the Banks intrusion in the agribusiness sector with priority on the production of local rice.

CBN donated over N55 billion to farmers nationwide under the Anchor Borrowers Programme. Their target is to add 2 million tonnes of rice to the national output this year. This vision is in partnership with Rice Farmers Association of Nigeria (RIFAN) and Anchor Borrowers’ Programme (ABP).

This plan will reduce the price of rice in the nation as time goes on.

Other products includes cassava, sorghum, maize and others with a view to transform the agribusiness, and ensure food security.

Five million farmers are to cultivate 200,000 hectares of land for rice production under a pilot scheme.

Also Read; CBN MADE US$514.4 MILLION IN TWO WORKING DAYS