CIBN Seeks Review Of Agric Intervention Programmes

The Chartered Institute of Bankers of Nigeria has called on the government to review its intervention programs and policies in the agriculture sector, as national import of food amounted to N1.85trn between January and September 2020.

The President, CIBN, Bayo Olugbemi, said this at the virtual presentation of its seventh national economic outlook in collaboration with B. Adedipe Associates Limited.

He stated that the import shows the ability of the nation to achieve food sufficiency and security hence the need to consider review of intervention policies in agriculture.

He said, “Despite border closure, our national import of food amounted to N1.85trn between January-September 2020 – a 62 per cent increase when compared to the same period 2019.

“The amount suggests a weakness in our ability to feed ourselves and raises the need to consider review of intervention policies in agriculture.

“With official payments data showing that approximately $30bn (almost 10 percent of our national economy) is obtained from sources outside the Central Bank of Nigeria, the gap between the official and other exchange rates is a source for concern.”

He also noted the increase in the external imbalance with concerns on exchange rate differential, adding that between January and September 2020, the country’s cumulative trade deficit amounted to N4.6trn.

Olugbemi said that the economic outlook was designed to bring together practitioners and relevant stakeholders to discuss emerging and pertinent issues facing both the national and global economies, as well as their implications for businesses.

He said, “This event for this year is peculiar as we are holding the session virtually for the first time due to the surge of the COVID-19 pandemic.”