Nigeria's apex bank chief sees opportunity in agriculture business

Source: Xinhua| 2019-09-20 21:49:32|Editor: Shi Yinglun
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ABUJA, Sept. 20 (Xinhua) -- Nigeria's apex bank chief Godwin Emefiele has said there is a very huge economic opportunity the country's agriculture business for economic growth.

In a statement reaching Xinhua in Abuja on Friday, Godwin Emefiele, the Central Bank of Nigeria (CBN) chief, noted the opportunity in fishing industry, as the nation's current fish production stood at 0.8 million tons while the demand was 2.7 million tons, giving a deficit of 1.9 million tons.

He said the apex bank's current initiative was to engage the coastal state governors to develop the blue economy to address the deficit of 1.9 metric tons as well as eradicate the huge import bill for fish.

According to him, this is a very huge economic opportunity for the states to create an enabling environment for investors.

Emefiele said that about 1.2 billion dollars worth of fish is imported into this country annually.

In a similar development, the apex bank chief said major innovation to deepen the poultry business was the recent partnership between the bank and tertiary institutions to pilot a poultry production program in 12 universities across the country.

He added that with objective of not only building future entrepreneurs but making the universities able to improve their internally generated revenue.

These universities have submitted revised proposal to their respective sponsoring banks, he said.

There are also change in cotton production, the central bank chief said , adding that up to 300,000 local farmers will be engaged to achieve this aim in 26 out of the 36 states of the country in coming few years.

To revive the cotton, textile and garment industry, the bank had supervised the cultivation of 200,000 hectares of hybrid cotton distributed to 200,000 local farmers across the country, Emefiele said.