By Bukola Adewumi
The association’s president, Alhaji Salim Muhammad, made this known at a Wheat Forex press conference in Abuja on Thursday.
Muhammad praised the Central Bank of Nigeria (CBN) for the policy that placed wheat on the Forex restriction.
He described it as an impressive policy and a welcome development.
According to him, Nigeria consumes five million tonnes of wheat per year, while a meager 420,000 tonnes is produced locally.
He said that given the many challenges facing local production, the policy would allow the government to unleash unrealized potentials in the wheat sub-sector.
“The foreign exchange restriction policy will give relevant stakeholders the confidence to invest in the wheat sub-sector, as the returns on their investments are protected.
“Production and productivity will automatically increase to meet local demand,” said the president of the association.
Muhammad noted that farmers would be incentivized to produce more as there would be better quality seeds, market access and better prices for their produce.
“We are hiring 600,000 farmers with an average of three tonnes per hectare, which will translate to 1.8 million tonnes of wheat this season.
“We have the ability to produce and feed ourselves if a roadmap to self-sufficiency is adopted via a special-purpose vehicle called the Wheat Round Table (WRT) where all relevant stakeholders work together. ”
Muhammad said that with this policy, the government will move closer to its goal of food sufficiency in the country.
However, he called on the government not to recall the ban, as it would give guarantees of return on investment to private investors in the wheat sector.
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