By The agriculture sector of the country might have received a major development as the Central Bank of Nigeria (CBN) announced on Monday 10 December 2018 its withdrawal from providing Foreign Exchange (Forex) for importing fertiliser by including it among the items not eligible for receiving foreign exchange from the apex bank.
This development according to CBN will ensure that transaction on fertiliser are settled at the appropriate settlement dates and avoid outstanding payment.
CBN also explains that the move is to bring about development of employment generation and growth of all sectors in Nigeria.
The withdrawal of Forex for fertiliser makes it the 42nd item restricted in the CBN policy which started in July 2015.
In a circular on ‘Foreign exchange restriction on the importation of 42 items’, “The policy has resulted in massive investments and the establishment of cottage industries that now engage in the production of the restricted items across the country.” The circular reads.
This development has come as a shock to stakeholders in the sector and make one wonder if this move will not retard the administration’s drive for growing the Agric industry as majority of Nigeria farmers depends solely on imported fertilisers to boost their products.
