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Nigerians eat N1b rice daily

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Capital import rises to $8.5b

NIGERIANS eat over N1.2 billion worth of rice daily.

President of Rice Farmers Association of Nigeria (RIFAN), Alhaji Aminu Goronyo dropped the bombshell yesterday at a media briefing in Abuja, adding that the country no longer imports rice.

Goronyo used the occasion to disclose that Nigeria recently attained self-sufficiency in rice production to justify President Muhammadu Buhari’s investment in the agricultural sector.

According to him, the president was complimented by Central Bank of Nigeria (CBN)’s Anchor Borrowers Programme (ABP) on rice cultivation and processing.

“From 2015 till date, no single naira was converted to dollar to bring in rice. All the rice is grown and processed locally. So we’ve attained sufficiency. From 2015, all rice eaten is grown here. CBN deserves support and should be portrayed as one that has supported the economy in growth. We’ve achieved a lot via CBN support, Goronyo said.

Meanwhile, acts have emerged that Nigeria’s total capital importation in the first Quarter of 2019 rose to $8.5 billion.

This is contained in a release by National Bureau of Statistics (NBS) on its Capital Importation Report for First Quarter of 2019 in Abuja yesterday.

This represents a 34.6 percent increase on year-on-year basis.

“The total value of capital importation into Nigeria stood at $8.485 billion in the first quarter of 2019. This represents an increase of 216.03 per cent compared to Q4 2018 and 34.61 per cent increase compared to the first quarter of 2018.

The largest amount of capital importation by type was received through Portfolio investment, which accounted for 84.21 per cent ($7,145.98) of total capital importation, followed by Other Investment, which accounted for 12.91 per cent ($1,096.15m) of total capital, and then Foreign Direct Investment FDI, which accounted for 2.86 per cent ($243.36m) of total capital imported in 2019.

By sector, Capital importation by banking dominated Q1 2019 reaching $2,851.07 million of the total capital importation in Q1, 2019,” the report stated.

It will be recalled that posting over $4,531.22 million trade surplus in Quartre I of 2019, United Kingdom emerged top source of capital investment in Nigeria accounting for 53.40 per cent of total capital inflow in the same period.

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