Business

CBN releases 50,000 tonnes of maize to push down market price

CBN releases 50,000 tonnes of maize to push down market price

 

The Central Bank of Nigeria (CBN) has released 50,000 metric tonnes of Maize into the Nigerian market.

The apex bank made this known in a statement in which it said the release was done , was done through the Anchor Borrowers’ Programme (ABP) to major poultry feed producers and poultry producers in the country.

According to the CBN, the benefiting companies represent the major players in the poultry value chain in the country.

“The CBN facilitated release of the 50,000 metric tonnes of Maize in the second week of February, has made an impact as the Maize Market has recorded a reduction in price from N200,000.00 per metric tonnes to about N180,000.00 per metric tonnes. It is still anticipated that the current will further reduce.

“Major beneficiaries of the February release include: Premier Flour Mills, Crown – Olam, Grand Cereals, Animal Care, Amobyn and Hybrid Feeds. Others include Zartech, Wacot, Sayeed Farms, PandagriNovum and Premium Farms as well as the South West, South-South, North West and North Central chapters of the Poultry Association of Nigeria (PAN),” the bank stated.

The release of the 50,000 metric tonnes of Maize is expected to forestall the pressure and reduce the activities of intermediaries (middlemen) in the Nigerian Maize market.

The Central Bank of Nigeria had in January this year, pledged to release 300,000 metric tonnes of Maize into the Nigerian Maize Market. This, it said, is to bridge the shortfall in production and augment local production of the commodity.

“The current shortfall in the quantity of maize available in the market, that CBN is working on mitigating, is attributed to activities of banditry, drought in some parts of the country last year, activities of hoarders and middlemen as well as insecurity around the major maize producing belt of Niger, Kaduna, Katsina, Zamfara and part of Kano states,” it said.

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