Wheat Sector
Wheat farmers bemoan $6.1 billion annual import, laud CBN restriction on forex for importers
The Wheat Farmers Association of Nigeria (WFAN) says about $6.1 billion is spent yearly to import wheat into Nigeria. The President of the association, Alhaji Salim Muhammad, made this known at a news conference on Wheat Forex in Abuja on Thursday. Muhammad commended the Central Bank of Nigeria (CBN) over the policy that placed wheat on Forex restriction. He described it as an impressive policy and a welcome development. According to him, Nigeria consumes 5 million metric tons of wheat per annum, while a meagre 420,000 tons is produced locally. He said that in view of numerous challenges that plagued local production, the policy would enable the government to unlock the unrealised potentials in the wheat sub-sector. “The forex restriction policy will give relevant stakeholders the confiden...
