AN economist, Dr Uju Ogubunka, on Wednesday called on the Central Bank of Nigeria (CBN) to include all cash crops in the Anchor Borrowers’ programme to curb inflation and ensure food security nationwide.
Ogubunka, former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), made the suggestion in an interview with the News Agency of Nigeria (NAN) in Lagos.
The economist said the recent pronouncement by the CBN to extend the programme to palm oil, tomatoes and fisheries were not enough to check inflation.
NAN reports that the CBN Governor, Godwin Emefiele, at a bankers’ dinner in Lagos on Dec. 3, said the programme would be extended to palm oil, tomatoes and fish farmers.
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Emefiele said the extension was in light of the success of the programme with regards to the cultivation of rice and maize.
He said the Monetary Policy Committee took the decision at a meeting on Nov. 21, and that the suggestion was necessary to check the upward swing of inflation rate in the election year.
“We all know that political campaign era comes with much spending by politicians, which automatically aggravates the inflation rate.
“But effective incorporation of the cash crops into the scheme would lower inflation and will also lead to more foreign exchange for the country.
“The programme is capable of rebounding the country’s economy because there will be very low reliance on imported commodities,” he said.
He added that the apex bank should do more in tackling the inflation rates, especially now that political campaign had commenced.
The National Bureau of Statistics (NBS) said the country’s consumer price index (CPI), which measures inflation, increased to 11.28 per cent (year-on-year) in November from 11.26 per cent in October.
The 0.02 per cent points increase resulted from price increases in all the divisions that constituted the head line index.
The food inflation stood at 13.30 per cent compared to 13.28 per cent in October.
According to the report, the rise in the food index was caused by increases in prices of bread, cereals, milk, cheese, egg, fish, vegetables, fruits, oil and fat, potato, yam and other tubers.
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