Business
…drops Price of commodity
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 release of the 50,000 metric tonnes of Maize in the
second week of February, 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 bene’ciaries 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 bene’ting 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 ‘nancing 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.
– Mar. 3, 2021 @ 11:21 GMT /
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