The rice revolution in the country championed by the governor of Kebbi state, Atiku Bagudu has saved the federal government over N2 billion which hitherto, was used in the importation of rice.

Available statistics as confirmed by the Central Bank of Nigeria (CBN) shows that before the advent of this administration, an average of 2.2 billion dollars was spent in the importation of rice from abroad for our local consumption. A Port Harcourt based Banking, Investment and Risk expert, Alh. Ahmed Umar disclosed this while stating that this amount represents about 15 percent of the country’s annual budget and about 8 percent of foreign reserve.

Umar said, “These are the erosion we suffered as a people both in terms of foreign reserve and deliberate importation of inflation and joblessness.

 “But guess what, the revolution we are witnessing today will translate to the domestication of these monies locally while our foreign reserve is under no threat.”

Alhaji Umar stressed that this was a pointer that the president’s message on diversification is not only resonating but being implementable as objectivity of food security is being achieved.

The economic development expert further posited that food security is more critical than any factor of a country’s existence.

This is as a humanitarian catastrophe in Lake Chad basin, where conflict has left over 8 million people destitute with many facing imminent famine according to a survey.

Agribusiness Information