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CBN facilitates release of 50,000 metric tonnes of maize, claims price drop

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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 regulatory bank released the Maize in fulfillment of its pledge to help bring down the price of the commodity.

In a statement on Wednesday, the bank said the release of the maize was facilitated through the Anchor Borrowers’ Programme (ABP) to major poultry feed producers and poultry producers in the country.

The CBN said it facilitated the release of 50,000 metric tonnes of Maize in the second week of February, forcing down the prices of the commodity to N180,000 per metric tonnes from  N200,000 previously.

The bank said it is still anticipating that the current will further come down soon.

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Major beneficiaries 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 benefiting 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,” the bank said.

It will be recalled that the CBN had in January this year said it would release 300,000 metric tonnes of Maize into the Nigerian Maize Market.

The move was meant 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, is attributed to activities of bandits, 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 financing 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).

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