CBN to Crash Maize Price, Releases 50,000MT to 12 Companies

The Central Bank of Nigeria (CBN) has authorised the release of 50,000 metric tons of maize from the strategic maize reserve (SMR) under the Anchor Borrowers’ Programme (ABP) to 12 major producers in the country.

The release is aimed at moderating and controlling the prices of maize in the Nigerian market, the apex bank noted.

According to reports, the release also seeks to check the activities of middlemen who intentionally hoard the crop to cause artificial scarcity.

The recipients of the grain include Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn and Hybrid Feeds. Others include Obasanjo Farms, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.

Spokesperson of the CBN, Osita Nwanisobi said the move will crash the price of maize, reduce pressure on the market and also make the product available to producers hence leading to a reduction in the price of poultry feeds.

CBN would further facilitate the funding of maize farmers and processors through the ABP Commodity Association, Private/Prime Anchors, state governments, Maize Aggregation Scheme (MAS), and the Commercial Agricultural Credit Scheme (CACS), Nwanisobi revealed.

CBN had in January 2021, released 300,000 metric tons of maize, which led to the drastic reduction in the price of maize.


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