Nigeria saves N216bn from rice importation – BOA

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Bags of rice

Nigeria has saved over N216 billion from the importation of rice alone from Thailand and other countries, since the nation’s domestic mass production flooded the markets under the Anchor Borrowers’ Programme (ABP).

Prince Niyi Akenzua, the Executive Director, Risk Management and Finance, Bank of Agriculture disclosed on Thursday in Ibadan when he visited Governor Abiola Ajimobi of Oyo State.

Akenzua led some other officials of the bank on the visit to the state.

He said that the figure represented a fraction of a staggering $22 billion (N7.92 trillion) spent on importation of foods into the country annually prior to the advent of President Muhammadu Buhari’s administration.

Akenzua said it was worthy of commendation that the country had committed itself to diversifying from oil economy, with emphasis on revitalisation of agriculture.

He said he had embarked on…

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