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$600m imports of cassava products not sustainable –Emefiele - Printable Version

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$600m imports of cassava products not sustainable –Emefiele - Edoman - 11-22-2019

$600m imports of cassava products not sustainable –Emefiele

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The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, on Thursday said the apex bank decided to restrict foreign exchange for the importation of cassava products because over $600m which the country spent annually importing cassava derivatives was not sustainable.
He said this during a meeting with governors of cassava producing states, which was held at the headquarters of the apex bank in Abuja.
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[color=rgba(0, 0, 0, 0.9)]In attendance were the Ekiti State Governor, Dr Kayode Fayemi; Governor of Ondo State, Rotimi Akeredolu; and Deputy Governor of Ogun State, Mrs Noimot Salako-Oyedele.
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[color=rgba(0, 0, 0, 0.9)]The meeting also witnessed the signing of a Memorandum of Understanding between Nigeria Cassava Growers Association and Large Scale Cassava Processors.[/color]
[color=rgba(0, 0, 0, 0.9)]Emefiele said the apex bank decided to include cassava on the foreign exchange exclusion list to encourage farmers, boost jobs creation and increase output.[/color]

[color=rgba(0, 0, 0, 0.9)]He gave other challenges hindering the growth of the sector as lack of good quality farm inputs, non-utilisation of available cultivable land, manual system of production, inadequate funding for smallholder outgrower schemes and low processing capacity.[/color]


[color=rgba(0, 0, 0, 0.9)]The CBN governor said there was huge untapped potential that existed in cassava value chain that needed to be harnessed for the development of the economy.[/color]


[color=rgba(0, 0, 0, 0.9)]He put the demand for high quality cassava flour in bread, biscuits and snacks at about 500,000 tonnes annually while supply is below 15,000 tonnes.

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