Food, Fertilizer Importation: Buhari Orders CBN To Pay No Kobo To FOREX

 Food, Fertilizer Importation: Buhari Orders CBN To Pay No Kobo To FOREX

In his quest to boost the agriculture sector of Nigeria, President Muhammadu Buhari has echoed his administration’s commitment to ensuring Nigeria is self-sufficient in food production.

President Buhari directed the Central Bank of Nigeria “not to issue a kobo” of the Country’s reserves for the importation of food items and fertilizer.

The President, at a meeting of the National Food Security Council held at the State House, in Abuja, On Thursday, September 10, 2020, reemphasized his earlier verbal directive to the apex bank, saying he will pass it down in writing that “nobody importing food should be given money.”

Emphasizing the need to boost local agriculture, the President said: “from only three operating in the country, we have 33 fertilizer blending plants now working. We will not pay a kobo of our foreign reserves to import fertilizer. We will empower local producers.”

President Buhari further directed that blenders of fertilizer should convey products directly to State Governments so as to skip the cartel of transporters undermining the efforts to successfully deliver the products to users at reasonable costs.

He advised private businesses bent on food importation to source their foreign exchange independently, saying “use your money to compete with our farmers,” instead of using foreign reserves to bring in compromised food items to divest the efforts of our farmers.”


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