Maize grain

The Central Bank of Nigeria (CBN) has released 50,000 metric tonnes of Maize into the Nigerian market for Feb 2021.

The release is in fulfilment of the apex bank’s pledge to reduce the price of the commodity, was done through the Anchor Borrowers’ Programme (ABP) to major poultry feed producers and poultry producers 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 fromN200,000.00 per metric tonnes to aboutN180,000.00 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, Pandagri Novum 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 benefiting companies represent the major players in the poultry value chain in the country.

It will be recalled that the Central Bank of Nigeria had in January this year, announced to release 300,000 metric tonnes of Maize into the Nigerian Maize Market.This 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