CBN initiates food security programme

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 stabilise the rising grain prices coupled with dire need for the Federal Government to shore up its Strategic Grain Reserves.
Recall 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 to date, a total of 30,905.08 MT of grains, namely maize, soybean and sorghum have been purchased and stored in different locations across the country.