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$4bn spent annually on rice importation

30 May 2014, 18:26

Abuja - Dr Sarah Alade, Acting Governor, Central Bank of Nigeria, said on Friday that Nigeria spends an average of four billion dollars annually on the importation of rice.

Alade stated this at the ongoing Africa Rising Conference on Friday in Maputo, the Mozambique capital.

Alade featured as a panelist in a session with the theme: "Structural Transformation and Private Sector Development in Sub-Saharan Africa’’.

“Agriculture is key to economic development in Africa; on the average, Nigeria spends about $4 billion on the importation of rice.

"We need to improve domestic market to harness the natural resources we have,’’ Alade said.

Alade said if Africa was able to transform the agricultural sector, it would be able to feed itself and have surplus for others.

She said that the Nigerian government was doing everything possible to minimise risks in the sector to enable participation of local investors.

She added that the ongoing agricultural transformation programme had equally attracted many foreign investors.

-      NAN

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