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CBN Releases 50,000MT Maize To Boost Market Supply

The Central Bank of Nigeria (CBN) in February released 50,000 metric tonnes of maize into the Nigerian market in fulfilment of its promise to help reduce the rising cost of the commodity.

The apex bank’s support to major poultry feed producers and poultry producers in the country was facilitated under its Anchor Borrowers’ Programme (ABP).

Market surveys on the commodity price showed that the release of the 50,000 metric tonnes of Maize had impacted the mpact positively with the per metric price crashing from N200,000to about N180,000.

According to available information on the maize supply by the apex bank to the market, some of the major beneficiaries, which are the major players in the poultry value chain, include Premier Flour Mills, Crown-Olam, Grand Cereals, Animal Care, Amobyn and Hybrid Feeds.

Others are Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms and South West, South-South, North West and North Central chapters of the Poultry Association of Nigeria (PAN).

It would be recalled that the CBN had, in January this year, announced to release 300,000 metric tonnes of maize into the market to bridge the gap in production-demand and augment local production of the commodity.

Analysts have linked the current shortfall in the maize market to activities of banditry, drought in some parts of the country last year, activities of hoarders and middlemen and worsening insecurity in the maize producing states of Niger, Kaduna, Katsina, Zamfara and some part of Kano states.

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