CBN initiates food security programme

Elizabeth Christopher, Abuja

In line with its developmental mandate, the Central Bank of Nigeria (CBN) initiated a Food Security Programme in November 2016 on a Public Private Partnership (PPP) basis.

The action of the Bank was necessitated by the desire to stabilize the rising grain prices coupled with dire need for the Federal Government to shore up its Strategic Grain Reserves.

It will be recalled that despite the good grain harvest experienced by farmers, there was a huge demand from other African countries through the land borders occasioned by the fall in Naira value.

With the funds made available by the CBN from the Anchor Borrowers’ Programme, the companies were able to purchase grains from farmers. And till date, a total of 30,905.08 Metric Tonnes of grains, namely Maize, Soy bean and Sorghum have been purchased and stored in different locations across the country.

Hence, with stability in prices, the Federal Government has decided to buy back the grains from the companies as well as distribute same to Internally Displaced Persons (IDPs) in the various camps across the country.

The Federal Government through the National Emergency Management Agency (NEMA) is now set to distribute 332,741 bags of Maize, 682,726 bags of Soy bean and 229,360 bags of Sorghum to IDP camps in Borno, Adamawa, Yobe, Bauchi, Gombe and Taraba States.