Monday, November 14, 2016

BUHARI TO END $880 MILLION WHEAT IMPORTATION FROM RUSSIA

Nigeria battles recession, the President Muhammadu Buhari led federal government is set to put an end to the whopping $880 million the country spends on wheat importation from Russia yearly – Nigeria spent $880 million on wheat imports last year and has already spent $660 million this year – Foreign affairs minister of state Hajiya Khadija Abba-Ibrahim, said Nigeria would henceforth invite Russians to help improve the country’s agricultural productivity

                               A plate of wheat meal
As Nigeria battles recession, the President Muhammadu Buhari led federal government is set to put an end to the whopping $880
million the country spends on wheat importation from Russia yearly. According to the foreign affairs minister of state Hajiya Khadija Abba-Ibrahim, said Nigeria would henceforth invite Russians to help improve the country’s agricultural productivity.

 She revealed that Nigeria spent $880 million on wheat imports last year and has already spent $660 million this year. Wheat is in high demand in Nigeria as a raw material for bakery and feed mills.  “We import a lot of wheat from Russia and we are telling Russia that this has to stop.

 “We want the Russian companies and farmers to come to Nigeria to show us how we can grow our agriculture sector with modern technology,” the minister was quoted by The Nation.

 The value of wheat imported into Nigeria between January and September 2016 is $660m, according to data obtained from the National Bureau of Statistics. Nigeria, in the first week of November, imported approximately 53 million metric tons valued at $7.8 billion.

Nigeria has stepped up wheat production and has hit 60,000MT, ranking it 61st out of 79 countries in global production. According to data from the Central Bank of Nigeria, the country spends $11 billion (N3.1tn) annually to import wheat, rice, sugar and fish.

 Nigeria’s food import was growing at an unsustainable rate of 11 per cent per annum. Ex-first lady, Patience Jonathan is in another trouble as anti-graft agency, Economic and Financial Crimes Commission (EFCC) have traced a whopping $175m to an account linked to Mrs Jonathan.

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