Nigeria Spends Over $600m On Cassava Importation Annually

• Nigeria Spends Over $600m On Cassava Importation Annually

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said Nigeria spent over $600 million on cassava importation annually.

Emefiele made the statement during a meeting with governors of cassava producing states in Abuja on Thursday.

He said the central bank has decided to add cassava to the list of items restricted from foreign exchange to encourage local farmers, boost job creation and increase output.

The governor said lack of good farm inputs, non-utilisation of available cultivable land, manual system of production, inadequate funding for smallholder outgrower schemes and low processing capacity are some of the challenges holding back the sector.

Emefiele put the demand for high-quality cassava flour in bread, biscuits and snacks at around 500,000 tonnes per year while supply remains below 15,000 tonnes.

He explained that the cassava value chain is largely untapped and needed to be harnessed for the betterment of the country.

A Memorandum of Understanding between Nigeria Cassava Growers Association and Large Scale Cassava Processors was signed.

Some of the attendees were the Ekiti State Governor, Dr Kayode Fayemi; Governor of Ondo State, Rotimi Akeredolu; and Deputy Governor of Ogun State, Mrs Noimot Salako-Oyedele.