The Central Bank of Nigeria (CBN) has stated that Nigeria imports over $580 million worth of cassava by-products annually and this has made the nation rely on the imports.
This was disclosed by the CBN Governor Godwin Emefiele, via the Bank’s Twitter handle, on Thursday, while commissioning Rivers Cassava Processing Company.
According to him, the facility will help the nation reduce her reliance on imports of cassava by-products.
The tweet read: “The facility will help in reducing our reliance on imports of cassava by-products, which serves as a key input in the production of food items in several factories. Nigeria imports over $580 million worth of cassava by-products annually.
The cassava processing facility helps to support the CBN’s mandate of promoting economic growth for Nigeria.
The cassava processing facility will also provide farmers with a verifiable platform to access finance from the Central Bank of Nigeria and other financial institutions through our Anchor Borrowers Program.”
Source: Nairametrics