The Central Bank of Nigeria (CBN) has made good its word, as it has released 50,000 metric tonnes of Maize into the Nigerian market. The Bank's February 2021 release of Maize in fulfilment of its 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 the release of the 50,000 metric tonnes of Maize in the second week of February, which 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, 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.

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

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.

As part of the Bank's financing framework, the CBN facilitates the funding of maize farmers and processors through the Anchor Borrowers' Programme (ABP) Commodity Association, Private/Prime Anchors, State Governments, Maize Aggregation Scheme (MAS), and the Commercial Agricultural Credit Scheme (CACS).

EkelediliBuhari:
Maize... maize
This country too backward
How can maize be our problem in the age and time
God WHY!!!

airminem:
Bros i weak

EkelediliBuhari:

I no do again

airminem:
Bros i weak

fkj950ax:



So the intervention in maize supply is not to make it available in the local market nationwide but to provide raw materials for 2nd tier users who's operations will impact the cost of foodstuffs for everyday Nigerians.

Its designed to keep prices of chicken, cornflakes, semivita, bread, starch and a lot of produce made with and from maize low

fkj950ax:



So the intervention in maize supply is not to make it available in the local market nationwide but to provide raw materials for 2nd tier users who's operations will impact the cost of foodstuffs for everyday Nigerians.

Its designed to keep prices of chicken, cornflakes, semivita, bread, starch and a lot of produce made with and from maize low

EkelediliBuhari:


Let’s face fact... it is more expensive to produce anything locally than abroad...

If only we could reduce our dependency of foreign fuel our Naira will make more sense and we will be able to import important commodities al lower rates while we try to manufacture our local needs.

My eye Dey pain me like this

bizzibodi:

Prices of raw maize can be low but I doubt if d price of cornflakes,semovita,bread, custard,cheese ball can ever be low again.

fkj950ax:




Read the article again. These companies are listed in it. And it's not everything that's too expensive to produce locally

sharone21:
Release of quantities of maize benefits companies not individuals. Hoping that it will force down prices of things maize is used to produce if not, no effect on the masses.
If it were countries like Benin/Cotonou, Cameroon, maize is very much like a staple food like garri since it is processed and used for daily consumption with their soups( eg groundnut soup for Cameroonians) and for pap. This is in lieu of garri and flour( yam, cassava, semo varieties) that we cherish. Maize there too is for BREAD and feed for animals.
Unless CBN releases this for Nigerians to grind in place of rising cost of garri, for bakeries, animal feed etc.

EkelediliBuhari:
Maize... maize
This country too backward
How can maize be our problem in the age and time
God WHY!!!