Maize farmers anticipate release from strategic anchors will crash price February

*The Maize Association of Nigeria has said the release of maize from the country’s strategic anchors will reduce the price of the foodstuff by February 2021

Alexander Davis | ConsumerConnect

In a planned release, following moves by critical stakeholders in partnership with  relevant government and security agencies, the Maize Association of Nigeria has disclosed about 300,000 metric tonnes of maize will be released into the Nigerian market from strategic anchors under the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN) February 2021.

Bello Abubakar, National President of Maize Association of Nigeria, who stated this Monday, in Abuja, FCT, said that the release of the maize from strategic anchors would reduce the current price of maize from N155, 000 per metric tonne.

Abubakar said the planned release was sequel to efforts by critical stakeholders working with relevant government and security agencies towards putting an end to the speculative activities of middlemen in the country, The Punch report said.

With the release of 300,000MT in February, it is expected that the prices of maize in the Nigerian market would drop significantly, noted the National President.

According to him, this development would increase demand for the crop and ultimately enhance the gains of maize farmers.

In the same vein, Edwin Uche, a dealer in the maze value chain, also expressed optimism about the price crashing to N120,000 per metric tonne in the next couple of days.

Recall that prior to the CBN and Nigeria Customs Service (NCS) collaboration, the President Muhammadu Buhari had approved the release of 30,000 tonnes of maize from the national strategic grain reserve to support the Poultry Association of Nigeria at a subsidised rate.

However, Abubakar was said to have attributed the current shortfall in the quantity of maize available in the market to insecurity around the major maize-producing belt of Niger, Kaduna, Katsina, Zamfara and parts of Kano states.

He also identified the activities of hoarders and middlemen who engage in hoarding of the grain to the shortfall.

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