FG plans to release imported maize into market

There are great indications that the Federal Government (FG) will soon release about 262,000 metric tons of maize into the market to reduce the current price of N155, 000 per ton to One Hundred and Twenty Thousand Naira (120,000.00). This was yesterday reported at 7’ O’clock news in the African Independent Television (AIT).

 It was said that the Central Bank of Nigeria (CBN) and Nigerian Custom Service (NCS) had in the last quarter of year 2020 taken action to mitigate shortfall of maize demand in the market by facilitating import waivers to four agro processing companies to import 262,000 metric tons of maize that would be soon released into the nation’s market to reduce the present price to N120.000.00 per metric ton.  

The report also credited CBN as able to provide 200,000 maize farmers with credit facility with seeds support that was targeted to produce more than 25 million metric tons of maize in the year and 2021 planting seasons.  

Meanwhile the Central Bank of Nigeria had sometimes ago granted waver to four companies to import 262,000 metric tonnes of maize, which was seen as a violation of policy by government.

The names of the four companies, quantity of maize they are allowed to import, and the banks to facilitate the transactions are enumerated below:

Premier Feeds Mills Company Plc will import 120, 000 tons of maize. The needed forex to facilitate the transaction is to be made available by Zenith Bank Plc.

Chi Farms Ltd will import 60,000 tons, to be facilitated by Titan Trust Bank.

Wacot Limited will import 30,000 tons to be facilitated by City Bank, and another 30,000 tons facilitated by Titan Trust Bank

Lastly, Crown Flour Mills Limited will import 22,000 tons to be facilitated by Coronation Merchant Bank.