President Muhammadu Buhari has reiterated that his administration is very keen on reviving the agriculture sector in order to meet local food demand; and diversify an economy that has been too reliant on crude oil proceeds.
Some of the president’s unpopular economic policies have included closing the borders to spur local rice production and starving importers of food staples of forex.
“I am restating that nobody importing food or fertilizer should be given foreign exchange from the Central Bank.
“We will not pay a kobo of our foreign reserves to import food or fertilizer. We will instead empower local farmers and producers,” Buhari said on Thursday, September 10.
The president has often harped on young people returning to the farms, as perennial fluctuations in the global oil market hit the nation’s economy hard.
His administration’s mantra has been “we have to consume what we produce and produce what we consume.”