Gov. Hyacinth Alia of Benue has solicited the support of the Central Bank of Nigeria (CBN) to rebuild the State economy, through revolution in agriculture and mining sectors.
This was contained in a Statement on Thursday in Makurdi by the Principal Special Assistant (PSA) to the Governor on Media, Publicity and Communications Strategy, Bridget Tikyaa.
According to the statement, the governor made the appeal when he paid a courtesy visit to the CBN Governor, Olayemi Cardoso, in Abuja. Alia, who said Benue has vast opportunities in agriculture, solid minerals, and other areas, urged the CBN to support the government to fully harness them for local and international markets.
He called on the apex bank to support the State with its expertise in generating accurate data in all the key areas of development for proper planning and strategic engagement with investors.
The governor disclosed that the State has established the Bureau of Statistics to enhance the state’s statistical system, boost economy through job creation, and foreign exchange activities and support the agricultural sector.
“We seek your support in providing system strengthening and provision of equipment and infrastructure for the Benue Bureau of Statistics. This support will not only benefit the Benue government but will also enhance the capabilities of the CBN and Nigeria at large.
“A well-supported statistical system ensures we have reliable data to guide our economic policies and development strategies.
“We seek support for initiatives such as the export of sesame seeds to China and exploring mining opportunities for export. These activities will diversify our economy, generate significant foreign exchange, and create employment opportunities for our people.
“Benue is known for its agricultural prowess, producing crops such as soybeans, rice, cashew nuts, mangoes, oranges, sweet potatoes, yams, and others in abundance We seek your support in boosting the production of these crops.
“Enhancing food production will create jobs along the entire value chain, from farming to processing to distribution. Moreover, increasing the supply of these crops will help reduce food inflation, benefiting, not only Benue but also the entire country,” he said.
The governor also sought CBN’s support in implementing favourable monetary policies to stabilise the economy and control inflation.
“Providing credit facilities and special intervention funds to key sectors such as agriculture, SMEs, and infrastructural development can target the specific needs of our state, particularly in agriculture.
“Promoting financial inclusion ensures more people and businesses in the State have access to financial services, thus boosting economic activity at the grassroots and increasing overall economic growth,” he added.
He also sought for training and capacity-building programmes for financial managers and policymakers in the state to enhance their ability to manage the State economy more effectively.
The governor requested the CBN to facilitate partnerships with development finance institutions to fund large-scale projects such as agricultural mechanisation, industrial parks, special economic zones, and major infrastructural projects to spur economic development across the state.
Alia further asked the apex bank to work with the Benue government to develop and implement policies that improve the business environment, reduce bureaucracy, and attract domestic and foreign investments. He said there was a need to encourage the adoption of digital finance solutions and innovations to enhance efficiency, reduce costs, and broaden access to financial services across the state.
The governor appreciated the CBN for its support to the state, including the release of 60 trailers loaded with fertiliser, which was distributed to farmers to boost food production to achieve food security.
In his remarks, the CBN Governor Cardoso commended Gov Alia for the visit and thanked him for the initiatives aimed at diversifying the economy.
“The Central Bank of Nigeria will take necessary measures to bring the nation’s rising inflation under control.
“While monetary policy has been moderating aggregate demand, rising food and energy costs continue to exert upward pressure on prices.
“The apex bank re-emphasized its commitment to the Bank’s price stability mandate and remained optimistic that despite the June 2024 uptick in headline inflation, prices are expected to moderate soon,” the CBN governor said.
Cardoso said the prevailing insecurity in food-producing areas and the high cost of transportation of farm produce, were also contributing to the rise in food inflation in the country. He also said the increasing activities of middlemen, who often finance smallholder farmers, aggregate, hoard and move farm produce across the border to neighbouring countries, has contributed to the problem of scarcity of foodstuffs across the country.
The CBN governor said there was a need to check such activities to address the food supply deficit in the Nigerian market and moderate food prices.
“We have identified these bottlenecks and will advise, assist and highlight ways to cushion its effect by various interventions like the nationwide fertiliser donations.
“Measures by the Federal Government to bridge the food supply deficit, especially the 150-day duty free import window for food commodities (maize, husked brown rice, wheat and cowpeas), amongst others, will moderate domestic food prices,” he noted.
Cardoso assured the governor that the CBN was ready to work with the Benue government in various areas to boost the state’s economy.
