TheCable

The Central Bank of Nigeria (CBN), through its anchor borrowers’ programme (ABP), has released 50,000 metric tonnes of maize to major players in the poultry value chain across the country.

The apex bank, in a statement, said the release is to forestall the pressure and reduce the activities of intermediaries (middlemen) in the Nigerian Maize market.

The beneficiaries of the maize release are Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn and Hybrid Feeds. 

Others include Zartech, Wacot, Sayeed Farms, Pandagri Novum, Premium Farms, the south west, south-south, north west and north central chapters of the Poultry Association of Nigeria (PAN).

The CBN noted that the release had caused the maize market price to drop from N200,000 per metric tonnes to about N180,000 per metric tonnes while still anticipating that the current price will reduce.

“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,” the statement read.

“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).”

In July 2020, the apex bank banned the sale of forex in the import and export (I&E) window to importers of maize into the country. According to the bank, the decision is part of efforts to increase local production, stimulate rapid economic recovery, safeguard rural livelihoods.