Nigeria: CBN releases 50,000MT of maize to 12 farms to check artificial scarcity of poultry feed
As part of efforts to moderate and control the prices of maize in the Nigerian market, the Central Bank of Nigeria (CBN) has approved the release of 50,000 metric tonnes of maize to 12 major producers in the country.
The CBN listed the recipients of the grains as Premier Flour Mills, Crown-Olam, Grand Cereals, Obasanjo Farms, Animal Care, Amobyn and Hybrid Feeds, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.
The maize was released from Strategic Maize Reserve (SMR) under the Anchor Borrowers’ Programme (ABP).
The release of 50,000Mt of maize to the companies, which is the third of such releases, is also intended to check the activities of middlemen aimed at causing hoarding the product and causing artificial scarcity.
Speaking on the release of the grains, the CBN spokesman, Mr Osita Nwanisobi, expressed optimism that the development would crash the price of maize, reduce pressure on the market and make the product directly available to feed producers, thereby reducing the price of poultry feed in the country.
As part of the bank’s financing framework, Mr Nwanisobi said the CBN would continue to 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).