Nigeria’s Foreign Reserve Climbs to $42.8bn

By February 16, 2018 Investment News

Nigeria’s external reserve has climbed to $42.8 million as at Tuesday, February 13, 2018, the Central Bank of Nigeria (CBN) has said.

The CBN Ag. Director, Corporate Communications, Mr. Isaac Okorafor, disclosed this yesterday at a joint press briefing with the Rice Farmers Association of Nigeria (RIFAN) on the commencement of the phase two of the CBN Anchor Borrowers Programme (ABP).

He attributed the successes in rising foreign reserve to the decline in usage of forex to import rice. This, he said, followed the huge local rice production capacity stemming from the success of the CBN anchor borrowers programme launched in 2015, which increased local rice production by at least 1 million metric tons (MT).

Also speaking at the press briefing, Alhaji Aminu Goronyo, President, Rice Farmers Association of Nigeria, said the pilot was launched on Tuesday in Gwagwalada, Abuja and the programme has commenced in other parts of the country.

We are targeting 500,000 farmers – 200,000 dry season farmers and 300,000 wet season farmers – and all the farmers have been digitally captured, he explained adding that the scheme is also targeting at least 200,000 hectares of farm and five million jobs.

Each farmer will get at least N250,000 in farm inputs

Source: Dailytrust