CBN To Release 50,000 MT Of Maize To Farmers

Under the Anchor Borrowers’ Programme, the Central Bank of Nigeria has approved the transfer of 50,000 metric tonnes of maize from the strategic maize reserve to 12 key producers.

According to the CBN, the third such transfer of maize to enterprises will lower the price of grain in the market by limiting the actions of middlemen who are hoarding the goods and creating artificial scarcity.

A statement issued by the apex bank on Monday read, “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 release 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.”

The statement was titled, “CBN releases 50,000 MT of maize to 12 coys…to check activities of middlemen.”

Osita Nwanisobi, the CBN’s Acting Director of Communication, acknowledged the development and stated that the action will lower the price of maize, relieve market pressure, and make the grain immediately available to feed producers, lowering the price of chicken feed in the country.

“As part of the Bank’s financing framework, Nwanisobi said the CBN would continue to facilitate the funding of maize farmers and processors through the Anchor Borrowers’ Programme Commodity Association, Private/Prime Anchors, State Governments, Maize Aggregation Scheme, and the Commercial Agricultural Credit Scheme.”

Dr. Bello Abubakar, the National President of the Nigerian Maize Association, advised middlemen not to take advantage of the supply gap to raise grain prices.

He also promised that Nigerian farmers will keep the prices of their crops reasonable.

Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn Hybrid Feeds, Obasanjo Farms, Zartech, Wacot, Sayeed Farms, Pandagri Novum, and Premium Farms are among the recipients of the grains. It will be noted that earlier this month, the CBN cooperated with the Rice Farmers Association of Nigeria to give 27,000 metric tonnes of rice paddy directly to millers throughout the country in an effort to reduce rising food costs in the Nigerian market.