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Business/Economy

CBN: 50,000 metric tonnes of maize to be released to 12 major producers 

 

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.

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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.

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“The release of maize to the companies, which is the third of such releases, is also intended to check the activities of middlemen aimed at causing hoarding the product and causing artificial scarcity.”

 

The statement was titled, “CBN releases 50,000 MT of maize to 12 coys…to check activities of middlemen.”

 

The Acting Director of the Communication of the CBN, Osita Nwanisobi, who confirmed the development, reaffirmed that 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.

 

“As part of the Bank’s financing framework, Nwanisobi said the CBN would continue to facilitate the funding of maize farmers and processors through the Anchor Borrowers’ Programme Commodity Association, Private/Prime Anchors, State Governments, Maize Aggregation Scheme, and the Commercial Agricultural Credit Scheme.”

 

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

 

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

 

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. 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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