Central Bank of Nigeria (CBN) has flooded the market with 50,000 metric tonnes of maize, in a bid to crash the price and prevent hoarding of the commodity which is causing artificial scarcity.
Gatekeepers News reports that the CBN approved the release of 50,000MT of maize to 12 major producers from strategic maize reserve under the Anchor Borrowers’ Programme.
The listed recipients of the grains, according to a statement released by the apex bank on Monday include Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn Hybrid Feeds, Obasanjo Farms, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.
“The Central Bank of Nigeria, in its bid to moderate and control the prices of maize in the Nigerian market, has approved the release of 50,000 metric tonnes of maize to 12 major producers, from strategic maize reserve under the Anchor Borrowers’ Programme,” the CBN said in the statement.
Gatekeepers News reports that CBN’s Acting Director of Communication, Osita Nwanisobi, who confirmed the development, said the move 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.
Nwanisobi added that as part of its financing framework, the bank would continue to fund maize farmers and processors through its various initiatives.
On his part, the National President of the Maize Association of Nigeria Dr Bello Abubakar, urged middlemen to desist from leveraging supply gap in the market to hike the price of the grain.
He also assured that farmers in Nigeria would maintain reasonable pricing of the products.
