Buhari warns CBN against providing forex for importation of food.

President Muhammad Buhari
President Muhammad Buhari

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to stop providing foreign exchange for importation of food into the country.

He disclosed this on Tuesday when he hosted the All Progressives Congress (APC) governors to Eid-el-Kabir lunch at his country home in Daura, Katsina State.

The President explained that the directive was important considering the steady improvement in agricultural production and attainment of full food security in Nigeria.

He, however, noted that the foreign reserve would be conserved and utilised strictly for diversification of the economy, and not for encouraging more dependence on foreign food import bills.

The President said some states like Kebbi, Ogun, Lagos, Jigawa, Ebonyi and Kano states had already taken advantage of the Federal Government’s policy on agriculture with huge returns in rice farming.

He, therefore, urged more states to plug into the ongoing revolution to feed the nation.

President Buhari said he was particularly delighted that young Nigerians, including graduates, had started exploring agric-business and entrepreneurship, with many posting testimonies of good returns on their investments.

He told his guests that the incoming ministers would be taught and thoroughly guided to ensure they meet the targets of the APC-led government for the people.

Source – BBC

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