From Msurshima Andrew, Makurdi
Benue State Governor Rev Fr Hyacinth Alia, has solicited the support of the Central Bank of Nigeria, (CBN), in streamlining the state’s economy to engender economic growth, employment, development of vital infrastructure and technology, as well as enhance financial inclusion.
The Governor made the appeal when he paid a courtesy visit on the CBN Governor, Mr Olayemi Cardoso, in Abuja.
According to a statement signed by the Principal Special Assistant to the Governor on Media, Publicity and Communications Strategy, Bridget Tikyaa, Alia said Benue has vast opportunities in agriculture, solid minerals, and other areas which it wanted the CBN to support the government to fully harness for local and international markets.
Governor Alia also urged the apex bank to support the state with its expertise in developing appropriate data in all the key areas of development for proper planning and strategic engagement with investors.
Alia said, “We seek your support in providing system strengthening and equipment infrastructure for the Benue State Bureau of Statistics. This support will not only benefit the Benue State 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.”
Governor Alia also reeled out other areas of support and collaboration with the CBN to boost the economy of Benue state including supporting the State Bureau of Statistics to generate accurate data and conduct analysis.
“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 State 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 State but also the entire country by ensuring food security.”
The governor also sought CBN’s support in implementing favourable monetary policies to stabilize the economy and control inflation.
“Providing credit facilities and special intervention funds to key sectors such as agriculture, SMEs, and infrastructure development can target the specific needs of our state, particularly in agriculture.
“Promoting financial inclusion ensures more people and businesses in Benue State have access to financial services, boosting economic activity at the grassroots level and increasing overall economic productivity.”
He also sought for the 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 partnership with development finance institutions to fund large-scale projects such as agricultural mechanization, industrial parks, special economic zones, and major infrastructure projects to spur economic development 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 and achieve food security.
Responding, the CBN Governor Olayemi Cordoso commended Governor Alia for the visit and for the initiatives aimed at diversifying his state economy pledging that CBN will take necessary measures to bring the nation’s rising inflation under control.
He stated that while monetary policy has been moderating aggregate demand, rising food and energy costs continue to exert upward pressure on price development CBN is committed to the Bank’s price stability mandate and remains optimistic that despite the June 2024 uptick in headline inflation, prices will become moderate in the near term.”
Cordoso noted that prevailing insecurity in food producing areas and high cost of transportation of farm produce are 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 need to check such activities in order to address the food supply deficit in Nigerian market and moderate food prices.
“We have identified these bottlenecks, and will advise, assist and highlight ways to cushion it’s effect by various interventions like the nationwide fertilizer donations.
“Measures by the Federal Government to bridge the food supply deficit, especially the 150-day duty free import window for food commodities like maize, husked brown rice, wheat and cowpeas, amongst others, will moderate domestic food prices.”
He assured the Governor that the bank would ensure credit development financial institutions through the Bank of Industry, Bank of Agriculture and partner the state for more grants and loan facilities for effective growth and development in various sectors.
