{"id":143282,"date":"2022-02-02T14:48:26","date_gmt":"2022-02-02T13:48:26","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=143282"},"modified":"2022-02-02T14:48:26","modified_gmt":"2022-02-02T13:48:26","slug":"emefiele-to-rice-millers-embrace-cbns-backward-integration-initiative","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/02\/02\/emefiele-to-rice-millers-embrace-cbns-backward-integration-initiative\/","title":{"rendered":"Emefiele to rice millers: Embrace CBN&#8217;s backward integration initiative"},"content":{"rendered":"<p>Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has implored rice millers to embrace the bank&#8217;s backward integration initiative to increase local production.<\/p>\n<p>Backward integration is a means of sourcing raw materials locally as an import substitute. According to the\u00a0<strong><a href=\"https:\/\/www.cbn.gov.ng\/out\/2020\/ccd\/cbn%20update%20(march).pdf\" target=\"_blank\" rel=\"noopener\">CBN<\/a><\/strong>, the aim is to\u00a0save foreign exchange reserves and revamp local production capacity.<\/p>\n<p>This was stated on Tuesday by Emefiele while<span data-preserver-spaces=\"true\">\u00a0speaking at the inauguration of the Garewa Rice Mill in Kano.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Two weeks ago, he said, since the introduction of the anchor borrowers\u2019 programme (ABP), rice milling plants have increased from 6 to 50.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/31\/how-to-report-your-bank-when-displeased-cbn\/\">CBN<\/a> governor, who urged stakeholders to take advantage of the initiative, said rice millers in Nigeria need to get involved in paddy production to guarantee a sustainable supply.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This, he said, will complement the supply from the smallholder farmers through the CBN\u2019s partnership with the Rice Farmers Association (RIFAN) and prime anchors<\/span><strong><span data-preserver-spaces=\"true\">.<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">He said that the number of rice mills in Nigeria had grown from less than ten, with a combined capacity of less than 350,000 metric tons, prior to the launch of the Anchor Borrowers\u2019 Programme (ABP) in 2015, to over 60 integrated rice mills, with a combined capacity of about 3 million metric tons as at January 2022, with about 10 more mills scheduled to be commissioned later this year.<\/span><\/p>\n<p>Emefiele said the quality of rice milled in Nigeria could match most foreign brands, adding that the apex bank\u2019s collaboration with the fiscal authorities had helped to curtail the proliferation of Nigerian markets by sub-standard imported rice varieties.<\/p>\n<p>\u201cThe Nigeria Commodity Exchange (NCX) will facilitate grading, sorting, quality assurance and storage infrastructure for key agricultural commodities and also enhance price discovery for smallholder farmers,\u201d Emefiele said.<\/p>\n<p>He added that the exchange would provide aggregation hubs for millers to enhance paddy off-take and grow to provide futures for millers and farmers to lock in prices and operate under a controlled price regime.<\/p>\n<p>On his part, Abdullahi Umar Ganduje, governor of Kano state, thanked Emefiele for extending ABP facilities to the state and assisting the state in the area of infrastructural development of facilities such as the Tiga and Chalawa hydro-electricity dam projects.<\/p>\n<p>On his part, Muhammad Badaru Abubakar, the governor of Jigawa State, praised the CBN governor for empowering youth and creating wealth in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has implored rice millers to embrace the bank&#8217;s backward integration initiative to increase local production. Backward integration is a means of sourcing raw materials locally as an import substitute. According to the\u00a0CBN, the aim is to\u00a0save foreign exchange reserves and revamp local production capacity. This [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":143284,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[9189,658,29122,3108,29121],"class_list":["post-143282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-anchor-borrowers-programme-abp","tag-cbn","tag-garewa-rice-mill","tag-godwin-emefiele","tag-rice-millers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Emefiele to rice millers: Embrace CBN&#039;s backward integration initiative<\/title>\n<meta name=\"description\" content=\"Governor of the Central Bank of Nigeria (CBN), Godwin 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