President Muhammadu Buhari will unveil the Central Bank of Nigeria (CBN) mega Rice Pyramids in Abuja on Tuesday, January 18, 2022.
The mega rice pyramids project is a collaboration of the CBN with the Rice Farmers Association of Nigeria (RIFAN).
President Muhammadu Buhari to unveil the FCT Mega Rice Pyramids on Tuesday 18th January 2022 at the Abuja Chamber of Commerce and Industry Trade Fair Complex, Airport Rd. Abuja. #CBN #RIFAN #DevFinance pic.twitter.com/AVAI0uUmdX
— Central Bank of Nigeria (@cenbank) January 13, 2022
Information obtained from the apex bank’s official website stated that the pyramids, which it described as the largest in the world, were enabled by its Anchor Borrowers Programme (ABP).
It stated that the ABP, since its inauguration in November 2015, had increased the average yield of rice per hectare from 1.8 metric tonnes to five metric tonnes, while discouraging importation of the commodity.
“The ABP has enabled 95 per cent reduction of Nigeria’s annual rice import bill from 1.5 billion dollars in 2015 to 18.5 million dollars.
”It has also created 12.8 million direct and indirect jobs across different value chains and food belts of the country, ” it said.
The CBN stated that in spite of the challenges of flooding during the wet season, the COVID-19 pandemic and lingering insecurity in 2020 and 2021, it was still able to work with other stakeholders to inspire farmers to reap bountiful harvests.
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It added that similar rice and maize pyramids had been unveiled in Kebbi, Niger, Gombe, Ekiti States amongst others.