CBN Releases 50,000 MT Of Maize TO Crash Price, Reduce Scarcity

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

A statement from the CBN stated that major beneficiaries of the grains include Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn and Hybrid Feeds. Others are Obasanjo Farms, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.

The CBN spokesman, Osita Nwanisobi while confirming the release of the grains, expressed optimism that the release would crash the price of maize, reduce pressure on the market, make the product directly available to feed producers and reduce the price of same in the country

He 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.

Also speaking on the development, the National President of the Maize Association of Nigeria, Dr. Bello Abubakar urged middlemen to desist from taking advantage of the supply gap to hike the price of the grains.

Similarly, the Bank, had on Thursday, June 24, 2021 collaborated with the Rice farmers Association of Nigeria (RIFAN) to distribute 27,000 metric tonnes of rice paddies directly to millers nationwide, to curb rising cost of food items.

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