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Thursday, January 5, 2012

Nigeria loses N1.6trn yearly cash products - Lemo

Deputy Governor in charge of operations at Central Bank of Nigeria, Mr. Tunde Lemo has raised an alarm that the country is losing about N1.6trillion annually on products like cocoa, oil-palm, groundnut and cotton, reports Leadership.
Delivering a paper entitled "Agriculture: An Effective Tool for Accelerated Economic Growth" at the 3rd Annual Night of Excellence organized by the Federal University of Agriculture, Abeokuta, he said, a huge amount of money is still been set aside for importation of agricultural products despite the abundance of natural resources in the county.
Information available to NaijaAgroNet quoted Lemo as saying that it is important for Nigerians to start looking for ways to boost agricultural activities in the country, believing that increase in agricultural activities holds the key to economic development in the country.
He affirmed that the security challenges facing the country is due to the high rate of unemployment amount the youths and that agriculture can be use to tackle the issue of unemployment. Read more
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