Rice Import Drops Annually From $1Bn To $18.5m As 10.5 Million Nigerians Out Of Poverty-Buhari - EDU-BIZNEWS


Saturday, June 12, 2021

Rice Import Drops Annually From $1Bn To $18.5m As 10.5 Million Nigerians Out Of Poverty-Buhari

President Muhammadu Buhari says his administration initiative through the Central Bank of Nigeria (CBN) Intervention, has resulted to annual sharp drop of rice Importation into the country from $1billion to $18.5million

According to Buhari, 10.5million Nigerians mostly farmers, artisans, small scale traders and market women and the likes are now out of poverty in the last two years

The President who made this known on Saturday in his June 12, Democracy Day broadcast to the nation, says "Interventions led by Government and the Central Bank of Nigeria driving economic growth over the past 6 years are targeted mostly to the agricultural, services, infrastructure, power and health care sectors of the economy".

"In the Agricultural sector, for instance, the Anchor Borrowers Programme resulted in sharp decline in the nation’s major food import bill from $2.23billion in 2014 to US$0.59billion by the end of 2018", Buhari 

,"Rice import bill alone dropped from $1 billion to $18.5 million annually,"he disclosed

Buhari explained that the initiative supported the local production of rice,maize, cotton and cassava with the provisions of N2.5 financial support to farmers to cultivate over 3.2million hectares of land which created over 10million indirect and indirect and direct jobs for Nigerians  

 "This initiative supported local production of rice, maize, cotton and cassava. Government financed 2.5 million small-holder farmers cultivating about 3.2 million hectares of farmland all over the country and created 10 million direct and indirect jobs.",he revealed

Buhari listed other initiatives of his administration in the Agric sector to include enterprise Investment scheme which provides credit facilities for farmers in 774 Local Governments

"Several other initiatives, namely AgriBusiness/Small and Medium Enterprise Investment Scheme, the Non-oil Export stimulation Facility, the Targeted Credit Facilities operated across the 774 Local Governments".

He expressed confidence that his administration would achieve its target of lifting 100million Nigerians 

"I am very convinced that this 100 million target can be met and this informed the development of a National poverty Reduction with Growth Strategy. The specific details of this accelerated strategy will be unveiled shortly", Buhari assured

On the manufacturing sector, he added that 60 new industries established with the support of CBN and Bank of Indus

His words,"In the manufacturing sector the CBN – BOI N200 billion facility financed the establishment and operations of 60 new industrial hubs across the country, creating an estimated 890,000 direct and indirect jobs."

He equally said that CBN N50billion Intervention In the textile sector had increased its capacity  

"The CBN’s N50 billion Textile Sector intervention Facility increased capacity utilization of ginneries from 30% to nearly 90%",.

According to Buhari,"The Economic Sustainability Plan – our rebound plan for the COVID-19 pandemic developed in 2020 is currently being executed. The plan is primarily focused on the non-oil sector, which has recorded phenomenal growth contributing over 90% to the GDP growth in Q1 2021"

'"Though marginal we have recorded GDP growth over two quarters; Q2 2020 and Q1 2021. This is evidence of a successful execution of the ESP by the Federal Government" 

Addressing the issue of disturbing trend of insecurity in the country, Buhari vowed to put his life on the line to overcome the present  challenges

"Overcoming the present challenges is but one of a necessary process that we have to undergo as a nation so that we can come out stronger. The day I joined the Nigerian Army I was prepared to lay down my life for Nigeria"

" As your President I remain ever committed to upholding and defending Nigeria’s Corporate existence",he vowed .

He pledged his committment to the security and welfare of Nigerians by adhering to the fundamental objective and directive of state policy 

"In adhering to the Fundamental Objectives and Directive Principles of State Policy notably section 14(2)(b) I shall do all within my power to ensure that the Security and welfare of the people remain the primary purpose of government."

"I have, throughout my tenure, provided the security agencies with all they require relative to available resources and will be providing more as the dynamics unfold to put an end to our security problems.", Buhari assured 

No comments:

Post a Comment