Nigeria’s new cassava policy to stem $6.1bn annual wheat importation

Nigeria’s new cassava policy to stem $6.1bn annual wheat importation

Nigeria’s new cassava policy to stem $6.1bn annual wheat importation     The Nigerian Government says the policy of 10 per cent of cassava flour in bread and other confectionery would reduce wheat importation while the demand for cassava would have positive effect on the economy. According to record, importers of wheat in Nigeria spend N2.86 trillion ($6.1 billion) annually despite several initiatives targeted at reducing the capital flight. The government stated that the policy has huge potential to generate massive employment, save billions of naira on wheat import, provide…

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Wheat importers to spend $1.29bn despite forex restriction

Wheat importers to spend $1.29bn

Wheat importers to spend $1.29bn despite forex restriction     Despite foreign exchange restriction by the Federal Government and fall in price, Nigerian importers will still spend about N606.4 billion ($1.29 billion) on wheat this year. The amount is 21.15 per cent of the projected N2.86 trillion ($6.1 billion) money spent on wheat importation annually. Findings revealed that wheat price in Russia had fallen by $21 from $274 to $253 per tonne. With the new price, the cost of importing the commodity to Nigeria has been reduced by 78.85 per…

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