Nigeria Reduces Food Imports, Saves $21bn - CBN
CBN Governor, Godwin Emefiele

The Central Bank (CBN) has said the country’s monthly food import bill dropped from $665.4m in January 2015 to $160.4m as of October 2018.

This was revealed by the CBN Governor Godwin Emefiele in Lagos at the bankers’ dinner.

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According to Emefiele, there was “Noticeable declines were steadily recorded in our monthly food import bill from $665.4m in January 2015 to $160.4m as at October 2018; A cumulative fall of 75.9 percent and an implied savings of over $21bn on food imports alone over that period.

“Most evident were the 97.3 per cent cumulative reduction in monthly rice import bills, 99.6 per cent in fish, 81.3 per cent in milk, 63.7 per cent in sugar, and 60.5 per cent in wheat.

“We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the Nigerian economy have been fully resolved.”