President Buhari Directs CBN To Stop Providing Forex For Food Importation To Nigeria

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Wednesday, August 14, 2019 / 03.00PM /  Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit:Asorock


President Muhammadu Buhari has directed that the Central Bank of Nigeria should stop providing forex for food importation into the country. 

The President disclosed this when Governors under the ruling All Progressives Congress, APC party visited him in Daura, Katsina State as part of the 2019 Eid-El-Kabir celebrations. 

Quoting from his spokesman Malam Garba Shehu, the President said through the FX restrictions on food importation, the foreign reserve will be conserved and utilized strictly for diversification of the economy, and not for encouraging more dependence on foreign food import bills. 

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Source Garba Shehu

The President noted that Nigeria had achieved food security as a result of the robust agric policy in place, with states like Kebbi, Ogun, Lagos, Jigawa, Ebonyi and Kano had already taking advantage of the Federal Government’s policy with huge returns in rice farming, urging more states to plug into the ongoing revolution to feed the nation. 

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

Prior to now the Central Bank of Nigeria had placed FX restrictions on 41 items to encourage domestic production and drive self-reliance for the Nigerian economy. See The CBN's 41 'Not Valid for FOREX' Items & Their Sectoral Impacts. 


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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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