CBN moves to control market price of maize

Releases 50,000mt of maize to Obasanjo Farms, 11 others.

The Central Bank of Nigeria (CBN), has approved the release of 50,000 metric tonnes of maize to Obasanjo Farms and 11 other major feed producer in a bid to regulate the prices of maize in the Nigerian market.

The CBN listed other recipients of the grains as Premier Flour Mills, Crown-Olam, Grand Cereals, 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).

According to the spokesman of the Central Bank of Nigeria (CBN), Osita Nwanisobi the release of maize to the companies, which is the third of such releases, is geared at controlling the activities of middlemen aimed at causing hoarding the product and causing artificial scarcity.

He expressed optimism that the release 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.

He assured that as part of the bank’s financing framework, 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).



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