To showcase the massive boost in the nation’s agricultural sector, The federal government of Nigeria has erected massive rice pyramids of over a million bags of rice at the Nation’s Capital Abuja. The Nigerian President Muhammadu Buhari, unveiled the 1.2 million -bag paddy rice pyramid, which are currently the largest ever.
According to the President, from a National paddy rice production of about 4.5 tons per annum before the ABP initiative in 2015; paddy rice production rose to over 9 million tons by last year.
Additionally, In his address,the Governor of CBN which championed the initiative, said that as at the end of December 2021; his team had financed 4.5 million farmers that cultivated 5.3 million hectares across 21 commodities through 23 Participating Financial Institutions in the 36 States of the Federation and Nation’s capital.
The FCT mega rice pyramid is an initiative under the RIFAN/CBN anchor borrowers’ programme.
The massive pyramids of rice, was harvested by farmers to pay back bank loans they borrowed to expand their production. Nigerian officials say the low-interest loans helped more than double the average yield of rice and maize; ending the country’s dependence on rice imports. The Central Bank of Nigeria plans to sell the rice at below market rates; to reduce the high prices that consumers have been paying for the staples.
The Anchor Borrowers Program was launched in 2015 by Nigeria’s Central Bank. The plan provides rice farmers with loans and technical advice so they can expand production; and increase yields while limiting the nation’s dependence on imports.
Nigeria had earlier on in the year 2015. banned rice imports, with the aim of producing the staple locally.