Nigeria lacks huge seed production capacities’
Division Head, Agribusiness, Natural Resources and Project Development, Heritage Bank Plc., Mr. Olugbenga Awe, said he was working with 30 seed companies to boost seed production in Nigeria.
According to Awe, the fact that the federal government, through the Central Bank of Nigeria (CBN), imported 140,000 metric tonnes of seed from Mexico in a staggering amount was an indication of the huge gap in space. seed company of the country.
He added that his seed multiplication exercise aims to make Nigeria self-sufficient in seed production.
Awe said, “In the future, what we are trying to achieve from the seed multiplication exercise is for us to be self-sufficient in seed production and stop importing seeds.
“As a bank, we are working with CBN, the Lake Chad Research Institute (LCRI) and a few seed companies to multiply seeds. Our farmers can now buy seeds from local seed companies in Nigeria, as this would reduce the pressure on the Nigerian foreign exchange market. “
He stressed the need to perpetuate the initiative by bringing the program to the Lagos Commodities and Futures Exchange (LCFE).
“We will replicate this initiative in corn, rice and cocoa. We take these programs seriously because we believe the future is bright if we continue down the path we have taken, ”he said.
Previously, LCFE Director General Mr. Akin Akeredolu-Ale said the volume of seeds that would come out of the program would create enough seeds in the ecosystem and stop importing seeds into the country.