CBN Approves Emergency Maize Importation, Grants Right to Four Companies

The Central Bank of Nigeria (CBN) has approved an emergency importation of 262,000 tons of maize, to cushion the blow occasioned by scarcity of the commodity.

The Nigeria Customs Service (NCS) confirmed the emergency approval, revealing the four companies the approval was granted to.

NCS disclosed this via an internal memo signed by the Deputy Comptroller General, T.M Isa.

According to the memo, the four companies are Wacot Limited, Chi farms Limited, Crown Flour Mills Limited and Premier Feeds Company Limited.

The memo instructed banks to conduct the transactions, stating the names of the companies, and the quantity each company is approved to import.

Dated August 6, 2020, the memo further stated that the approval only runs from August to October, 2020.

“In line with the government’s policy on food security, sufficiency and striking a balance between food imports and local production capacities to meet the anticipated shortfall, the Central Bank of Nigeria has granted approval for the underlisted companies to import maize in the quantities stated below”, the memo read in part.

From the memo, Premier Feeds Company Limited was given the highest import capacity, with an approval to import 120,000 tons.

Wacot Limited and Chi Farms Limited will import 60,000 tons of maize each.

Crown Flour Mills, with the lowest capacity approval, would import 22,000 tons.

Various agricultural stakeholders had previously called on the government to allow the importation of maize, with the hike in price forcing many poultry farmers to close shop.

The CBN in mid-July announced that it placed a ban on the importation of maize and will no longer issue forex for the importation of the commodity.


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