CBN claims to have paid out 41.2 billion naira to start the “Nigerian Brown Revolution”

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the bank has disbursed N41.2bn under its intervention programme dubbed, ‘The Nigerian Brown Revolution.‘

This was disclosed by the central bank governor at the recently held Monetary Policy Committee meeting in Abuja.

Wheat, Nigeria’s third most widely consumed crop, has been a major contributor to the country’s currency rate mismatch, and the CBN’s weapon to address it is ‘The Brown Revolution.’

The Brown Revolution, according to the apex bank seeks to save $2 billion spent on importing five million metric tons of wheat annually.

Emefiele said, “The bank also disbursed the sum of N41.2 billion for the commencement of the brown revolution, a large-scale wheat programme to wean us off imports by 35% in the first year.”

Emefiele went on to say that the bank had disbursed a total of N864 billion to 4.1 million farmers who cultivated 5.02 million hectares. He also said that the bank had disbursed N261.92 billion for 42 additional projects under the N1 trillion manufacturing intervention.

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