Nigeria set to begin rice exportation next year cbn reveals

That's exciting news! According to recent reports, the Central Bank of Nigeria (CBN) has announced that Nigeria is set to begin rice exportation next year. This is a significant development for the country's agricultural sector and economy.

The CBN Governor, Godwin Emefiele, made this announcement during a recent meeting with stakeholders in the agricultural sector. He revealed that the country has made significant progress in increasing rice production and processing, and is now poised to start exporting the commodity.

This is a major achievement for Nigeria, as it will not only generate foreign exchange earnings but also create jobs and stimulate economic growth. The country has been working to become self-sufficient in rice production and reduce its reliance on imports.

The CBN has been implementing various initiatives to support the growth of the agricultural sector, including the Anchor Borrowers' Programme, which provides loans to farmers to boost production. The programme has been successful in increasing rice production and has helped to reduce the country's reliance on imports.

The exportation of rice is expected to start next year, with the CBN targeting an initial export volume of 100,000 metric tons. This is a significant milestone for the country's agricultural sector and is expected to have a positive impact on the economy.

It's worth noting that Nigeria has been working to diversify its economy and reduce its reliance on oil exports. The agricultural sector is seen as a key area for growth and development, and the country is investing heavily in the sector to achieve this goal.

Overall, the news that Nigeria is set to begin rice exportation next year is a positive development for the country's economy and agricultural sector. It's a testament to the country's progress in increasing rice production and processing, and is expected to have a positive impact on the economy.