The Central Bank of Nigeria (CBN), has moved to crash the price of maize as it has approved the release of 50,000 metric tonnes of maize to 12 major producers, from the strategic maize reserve (SMR) under its Anchor Borrowers’ Programme (ABP).
The apex bank said that the release was to enable moderation and price control in the Nigerian market adding that the action, the third of such releases to the companies, was intended to check activities of middlemen that cause hoarding and artificial scarcity.
While confirming the release of the grains, the acting Director, Corporate Communications of CBN, Mr Osita Nwanisobi, was optimistic that the release would crash the prices of maize and reduce pressure on the market.
READ: CBN’s Emefiele vows to reject the continuous importation of maize in Nigeria
According to NAN, a statement obtained from the CBN listed recipients of the grains to include Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn and Hybrid Feeds.
Others are Obasanjo Farms, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.
Nwanisobi said that it would make the product directly available to feed producers, thereby reducing the price of poultry feed in the country.
He said it would also do so through Private/Prime Anchors, State Governments, Maize Aggregation Scheme and the Commercial Agricultural Credit Scheme.
Also speaking on the development, Dr Bello Abubakar, National President of the Maize Association of Nigeria, urged middlemen to desist from taking advantage of the supply gap to hike the prices of grains.
He assured that farmers in Nigeria would maintain reasonable pricing of the products.
What you should know
It can be recalled that a few days ago, the CBN, in collaboration with the Rice Farmers Association of Nigeria (RIFAN), had moved to crash the price of rice across the country with the distribution of 27,000 metric tonnes of rice paddies directly to millers nationwide.
The move is part of the measures initiated by the apex bank to help address the rising cost of food prices in the Nigerian market,
Also in response to the activities of middlemen, the CBN, in January 2021, released 300,000 metric tonnes of maize, which forced a substantial reduction in the price of maize per metric tonne.
Who are they lying to? They released 300,000 metric tonnes and the price of feed keeps soaring weekly. Am not just talking, am a poultry farmer and buy feed weekly. This week alone the price of feed was increased.
You can also plant maize and see the cost of production. I am a farmer too, I grew maize for many years, but when the cost of fertilizer rose tofrom #250)bag to #8000//bag I stopped. Today the price of fertilizer is #12,500. So when you produce at higher cost definitely, the price must high to break even. The problem is that the country have turned upside down. I am a poultry farmer too, can you pray for glot? So when cbn crash price, it affects some people too. Look at the price of diesel now, in my area, a LTR is #290, so when you fill your tractor tank and what to cultivate for maize, at harvest you can’t pray for falling price so what is happening in this country is killing. Is not the fault of anybody but the government herself.
50,000 metric to the big shorts in the industry while individual young and small scale farmers are groaning under them despite the burden of secured agric loan on us in the presence of very bad selling prices of chicks, eggs and frozen chicken. Let the maize truthfully get to the private feed producers, it will reach us; the burdened, sighing young and small scale farmers. Then you will see what agriculture will turn Nigeria to over time.
50,000 metric to the big shorts in the industry while individual young and small scale farmers are groaning under them despite the burden of secured agric loan on us in the presence of very bad selling prices of chicks, eggs and frozen chicken. Let the maize truthfully get to the private feed producers, it will reach us; the burdened, sighing young and small scale farmers. Then you will see what agriculture will turn Nigeria to over time.