Agric ministry, CBN in discussion on forex proceeds

… Commences production of Shea Butter .

The ministry of agriculture and the Central Bank of Nigeria (CBN) have entered into discussions on how to resolve export foreign exchange proceeds.

This is following agitations by non-oil export operators against selling of export proceeds at the official exchange rate.

Audu Ogbe, minister of agriculture said there is no logic in asking exporters to sell export proceeds at the official rates.

“It is something we hope to resolve very quickly so that exporters will bring foreign exchange home and not lose money. The debate is on-going”, Ogbe said in Lagos at at the maiden edition of FirstBank Nigeria limited, Agric Expo on “Reinvesting Agriculture for Sustainable National Development”.

He said the ministry will relaunch cocoa research in Ondo State and Cross Rivers. “We should commence production of Shea Butter. There are so many things we can do if we get support – finance. Who will lend money to farmers and at what interest rate? At 18, 20 28 interest rates, the loan is not for farmers”, he added.

 

HOPE MOSES-ASHIKE