50,000mt maize into market reduces price, say CBN

The Central Bank of Nigeria (CBN), through its communication office has credited itself for the injection of 50,000 metric tons of maize into the market to step down price from N200.000.00 to N180.000.00 per ton.

The supply was carried out by different eleven private companies and poultry farmers Association in four regions according to the press statement made available.

                         

It was said in the statement that the 50,000 metric tons of maize being release through the companies in the second week of February has impacted on price from N200, 000.00 to N180, 000 per ton, adding that the price is anticipated to still go down. 

Major beneficiaries of the February release according to the statement 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).

It is believed that the CBN intervention will forestall the pressure and activities of the middle men in the Nigerian maize market, adding that the apex bank has facilitated the funding of maize farmers and processors through its anchor borrower programme.

Also it was said that the apex bank is working on how to mitigate the activities of middlemen, bandits and drought on the production of maize in states like Niger, Kaduna, Katsina, Zamfara and Kano.

A text to the a Director General (DG) of Poultry Association of Nigeria (PAN) Onalla Akpan to confirm his members’ benefit as stated by CBN did not get any response until the filing of this story.