africa

CBN plans price crash, releases 50000MT of maize to Crown-Olam, others


The Central Bank of Nigeria has approved the release of 50,000 metric tonnes of maize to 12 major producers from strategic maize reserve under the Anchor Borrowers’ Programme.

According to the CBN, the release of maize to the companies, which is the third of such releases, will reduce the price of grain in the market by checking the activities of middlemen who are hoarding the product and causing artificial scarcity.

The listed recipients of the grains include Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn Hybrid Feeds, Obasanjo Farms, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.

A statement issued by the apex bank on Monday read, “The Central Bank of Nigeria, in its bid to moderate and control the prices of maize in the Nigerian market, has approved the release of 50,000 metric tonnes of maize to 12 major producers, from strategic maize reserve under the Anchor Borrowers’ Programme.”

The Acting Director of the Communication of the CBN, Osita Nwanisobi, who confirmed the development, said the move would crash the price of maize, reduce pressure on the market, and make the product directly available to feed producers, thereby reducing the price of poultry feed in the country.

He added that as part of its financing framework, the bank would continue to fund maize farmers and processors through its various initiatives.

On his part, the National President of the Maize Association of Nigeria Dr Bello Abubakar, urged middlemen to desist from leveraging supply gap in the market to hike the price of the grain.

He also assured that farmers in Nigeria would maintain reasonable pricing of the products.

It would be recalled that the CBN, in a bid to address the rising cost of food prices in the Nigerian market collaborated with the Rice Farmers Association of Nigeria to distribute 27,000 metric tonnes of rice paddies directly to millers nationwide, earlier this month.

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