CBN Anchor Borrowers Programme: The President To Unveil Rice Pyramids  

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President Muhammadu Buhari will unveil the Central Bank of Nigeria (CBN)’s Rice Pyramids in Abuja on Tuesday, January 18, 2022.

According to the reports, the mega rice pyramids project is a collaboration of the CBN with Rice Farmers Association of Nigeria (RIFAN).

The apex bank in its official website, stated that the pyramids, which it described as the largest in the world, were enabled by its Anchor Borrowers Programme (ABP).

It added that the ABP, since inauguration in November, 2015, had increased the average yield of rice per hectare from 1.8 metric tonnes to five metric tonnes, while discouraging importation of the commodity.

“The ABP has enabled 95 percent reduction of Nigeria’s annual rice import bill from 1.5 billion dollars in 2015 to 18.5 million dollars. It has also created 12.8 million direct and indirect jobs across different value chains and food belts of the country”, it said.

The CBN said in spite of challenges of flooding during the wet season, the COVID-19 pandemic and lingering insecurity in 2020 and 2021, it was still able to work with other stakeholders to inspire farmers to reap a bountiful harvest.

It added that similar rice and maize pyramids had been unveiled in states like Kebbi, Niger, Gombe, Ekiti, among others.


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