Post by Trade Coach on Jul 4, 2021 23:28:14 GMT 1
CBN Releases 50,000 Metric Tonnes of Maize To Twelve Companies To Crash The Commodity’s Price
The Federal Government of Nigeria (FGN) has released fifty thousand (50, 000) metric tons of maize through the Central Bank of Nigeria (CBN) to twelve major feed producers in the country.
The commodity was released from the strategic grains reserve (SMR) under the Anchor Borrowers’ Programme of the Federal Government.
The government decided to release the grains, this is the third batch released to check the activities of middlemen bent on hoarding the commodity in order to cause artificial scarcity of the product in the country.
The following are the companies that received the commodity as listed by the Central Bank of Nigeria (CBN):
Premier Flour Mills
Crown-Olam
Grand Cereals
Animal Care
Amobyn
Hybrid Feeds
Obasanjo farms
Zartech
Wacot
Sayeed Farms
Pandagri Novum
Premium Farms
This information was confirmed by the Acting spokesman of the Central Bank of Nigeria (CBN), Mr. Osita Nwanisobi. He said that the release would crash the price of maize, reduce the pressure on the market; make the product directly available to feed producers, thereby reducing the high price of poultry feed in the country.
The CBN spokesman, Mr. Nwanisobi also said that the CBN would continue to facilitate the funding of maize farmers and processors through ABP Commodity Association, Private/Prime Anchors, State governments, Maize Aggregation Scheme (MAS), and the Commercial Agricultural Credit Scheme (CACS).
The National President of the Maize Association of Nigeria (MAAN), Dr. Bello Abubakar warned middlemen to desist from the act of taking advantage of the supply gap to hike the price of the grain in the country.
Recall that we brought you information that in 2020 the Federal Government of Nigeria (FGN) selected four (4) maize importation companies that will not be affected by the Federal Government’s ban on the importation of maize into the country.
The four companies have been given approval to import 262,000 metric tonnes of maize into the country from August to October, 2020.
The Government stated that the companies were going to use their own forex sources for the imports, as the Central Bank of Nigeria (CBN) will not approve any forex for them.
The President restated that the Government would not give anybody importing foods or fertilizer any forex from the country’s foreign reserves. That he will rather empower local farmers and producers.
The ban was necessary to protect and encourage local producers of maize, stimulate rapid economic recovery, safeguard local livelihoods, and increase job creation.
However, some highly placed agribusiness professionals kicked against the ban, arguing that it will worsen the woes of the poultry industry as maize is about 60% of their feed inputs.
To cushion the effects of the ban on the poultry industry, the Federal Government ordered the release of 30,000 metric tonnes of maize from the national grains reserve to the animal feed producers.
The Nigerian Customs Service (NCS), confirmed at that time that the following companies have been given emergency approval by the Central Bank of Nigeria (CBN) to import 262,000 metric tonnes of maize into the country.
The companies are:
Wacot Ltd
Chi Farm Ltd
Crown Flour Mills Ltd, and
Premier Feeds Company Ltd.
They confirmed that these are some of the biggest maize traders in the country. They will source their forex by themselves.
Our source said that they were selected based on their efforts in prioritizing backward integration in the country’s maize industry.
Backward integration here means that these companies selected because of their roles in the backward integration of maize might have owned or invested in other companies producing maize used by them.
So it is a good thing to support such companies instead of those only buying from the traders or outright importation.
Stay with us as we bring to you more on Agribusiness. We are also training interested persons on Agricultural businesses and importation too.
The Federal Government of Nigeria (FGN) has released fifty thousand (50, 000) metric tons of maize through the Central Bank of Nigeria (CBN) to twelve major feed producers in the country.
The commodity was released from the strategic grains reserve (SMR) under the Anchor Borrowers’ Programme of the Federal Government.
The government decided to release the grains, this is the third batch released to check the activities of middlemen bent on hoarding the commodity in order to cause artificial scarcity of the product in the country.
The following are the companies that received the commodity as listed by the Central Bank of Nigeria (CBN):
Premier Flour Mills
Crown-Olam
Grand Cereals
Animal Care
Amobyn
Hybrid Feeds
Obasanjo farms
Zartech
Wacot
Sayeed Farms
Pandagri Novum
Premium Farms
This information was confirmed by the Acting spokesman of the Central Bank of Nigeria (CBN), Mr. Osita Nwanisobi. He said that the release would crash the price of maize, reduce the pressure on the market; make the product directly available to feed producers, thereby reducing the high price of poultry feed in the country.
The CBN spokesman, Mr. Nwanisobi also said that the CBN would continue to facilitate the funding of maize farmers and processors through ABP Commodity Association, Private/Prime Anchors, State governments, Maize Aggregation Scheme (MAS), and the Commercial Agricultural Credit Scheme (CACS).
The National President of the Maize Association of Nigeria (MAAN), Dr. Bello Abubakar warned middlemen to desist from the act of taking advantage of the supply gap to hike the price of the grain in the country.
Recall that we brought you information that in 2020 the Federal Government of Nigeria (FGN) selected four (4) maize importation companies that will not be affected by the Federal Government’s ban on the importation of maize into the country.
The four companies have been given approval to import 262,000 metric tonnes of maize into the country from August to October, 2020.
The Government stated that the companies were going to use their own forex sources for the imports, as the Central Bank of Nigeria (CBN) will not approve any forex for them.
The President restated that the Government would not give anybody importing foods or fertilizer any forex from the country’s foreign reserves. That he will rather empower local farmers and producers.
The ban was necessary to protect and encourage local producers of maize, stimulate rapid economic recovery, safeguard local livelihoods, and increase job creation.
However, some highly placed agribusiness professionals kicked against the ban, arguing that it will worsen the woes of the poultry industry as maize is about 60% of their feed inputs.
To cushion the effects of the ban on the poultry industry, the Federal Government ordered the release of 30,000 metric tonnes of maize from the national grains reserve to the animal feed producers.
The Nigerian Customs Service (NCS), confirmed at that time that the following companies have been given emergency approval by the Central Bank of Nigeria (CBN) to import 262,000 metric tonnes of maize into the country.
The companies are:
Wacot Ltd
Chi Farm Ltd
Crown Flour Mills Ltd, and
Premier Feeds Company Ltd.
They confirmed that these are some of the biggest maize traders in the country. They will source their forex by themselves.
Our source said that they were selected based on their efforts in prioritizing backward integration in the country’s maize industry.
Backward integration here means that these companies selected because of their roles in the backward integration of maize might have owned or invested in other companies producing maize used by them.
So it is a good thing to support such companies instead of those only buying from the traders or outright importation.
Stay with us as we bring to you more on Agribusiness. We are also training interested persons on Agricultural businesses and importation too.
