‘N2.1bn budget for Wheat value chain to drive FG’s 50% import reduction target’

 

The Federal Government’s N2.1billion earmarked for the promotion and Development of Wheat Value chain in the 2017 proposed budget has been hailed by experts as a key factor that will revolutionalise the wheat value chain and create wealth for farmers,while reducing wheat import by 50 percent.

Recall,the Wheat Value chain was established in the year 2013,but this is the first time the federal government has earmarked a huge some targeted at promotion and the development of the wheat value chain to drive wheat creation and lessen up to $4billion spent on annual wheat importation.
Gbenga Olabanji,the Executive Director of Lake Chad Research Institute told BusinessDay that Nigeria has up to 1.2 million hectares of land in the Northern part of the country suitable for the planting of wheat,stating further that several states in the Northern part of the country are already keying into the wheat value chain.
He said,”It is worrisome seeing our country richly blessed with arable spending huge on wheat importation.This N2.6 billion will assist farmers to cut down wheat importation by 50 percent in collaboration with the on going intervention of the Central Bank of Nigeria on wheat through the Anchor Borrower’s Scheme where there are many farmers in the wheat value value chain”

Speaking further,Olabanji said,”The Wheat value chain was commenced with 50 hectares of land cultivated for Wheat of about 80 thousand metric tonnes.From 2013 to 2015,the national production has been increased to 300 000 metric tonns for an average yield of 1.5 tonns per hectare,as at 2013 to an average yield of 4000 per hectare”
Olabanji informed BusinessDay further that with this intervention with regard to the promotion and Development of Wheat Value chain,the farmers and even industries making use of the wheat production for their industrial production will benefit and cut down importation of wheat appreciably especially now there is scarcity of foreign exchange.
Explaining further on why farmers and industries will benefit more on the wheat value chain,he said,”We have done our work at the research institutes and discovered that the protein content on the Nigerian wheat is higher than that of imported wheat”
Along the same vein,Tony Ejinkonye the President of Abuja Chamber of Commerce and Industry also lauded the federal Government’s support to the development and promotion of the wheat value chain.
He said,”These are the initiatives we expect the federal government to take in other to support farmers,because the amount of money spent on food importation running into trillions cannot be sustained arising from the dwindling oil resources and foreign exchange scarcity.