Maize price to crash Feb

By Fatima Muraina


Ondo State maize farmers have began to harvest proceeds of maize produced from the Anchor Borrowers programme(ABP) of the CBN to meet the crash in the price of the grains as predicted by the maize farmers in Nigeria.
The Ondo State Chairman of Maize Association of Nigeria (MAN) , Mr Kayode Akinrinade made this known in an Interview with The Hope yesterday.
He confirmed that the state has released over eight tons of the grains and is still releasing as the harvest is a continuous one to meet the expected target.
Maize farmers in Nigeria predicted a crash in the price of the grain as they set to release 300,000 tonnes next month.
National President of the Maize Association of Nigeria, Bello Abubakar revealed this to newsmen as he declared that 300,000 metric tons of maize will be released into the Nigeria market by strategic anchors under the CBN Anchor Borrowers’ Programme (ABP) in February.
This, he said would lead to a crash in the price of the commodity.
The Federal Government in July 2020 had placed a ban on the issuance of forex for the importation of maize which led to increased demand from local processors, and a resultant scarcity and price inflation.
The aftermath of the order was the sale of the commodity for N155,000 per metric ton, with several consumers and poultry farmers feeling the brunt.
Abubakar, however, noted that the situation will be under control by February, as the CBN has now released credit to about 2,000 farmers which will, in turn, facilitate the increase in their production capacity.
According to him, this would bolster maize production as well as lead to a drop in the price of maize, from N155,000 per metric tonne to N120,000 per metric tonne.
He also attributed the shortfall in the quantity of maize available in the market to insecurity around the major maize producing belt of Niger, Kaduna, Katsina, Zamfara and part of Kano states.
Abubakar further stated that hoarders and middlemen are responsible for the scarcity and exorbitant price of maize.
The president, however, noted that the situation has not deterred the farmers from fulfilling their mandate- to help the country attain a state of self-sufficiency in food production.
He charged the middlemen to avoid hiking the price, owing to the existing supply gap and urged the Federal Government to put in place adequate measures to protect farmers from


Don’t start planting , farmers cautioned

Maize price to crash Feb

COVID-19: Don, student donate nose masks, sanitisers

Leave a comment

Your email address will not be published. Required fields are marked *