ECONOMY
Maize farmers under the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN) are set to release about 300,000 metric tonnes of maize which watchers believe will reduce the current price of maize.
The huge supply boost according to stakeholders is aimed at inducing a decline in the price of the commodity to N120,000 per metric tonne from the current price of N155,000 per metric tonne.
The planned release follows moves made by the critical stakeholders, working with relevant government and security agencies, to put a halt to reprehensible and speculative activities of middlemen and bandits respectively.
With the release of 300,000 metric tonnes in February 2021, it is expected that the prices of maize in the Nigerian market will drop significantly, thereby increasing demand for the crop and ultimately enhancing the gains of maize farmers. Prior to the Central Bank of Nigeria and Nigeria Custom Service collaboration, President Muhammadu Buhari had approve
By Nume Ekeghe
About 300,000 metric tonnes of maize are to be released into the Nigerian market from strategic anchors under the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN) next month.
Owing to this, the current price of maize N155,000 per metric tonne is expected to reduce significantly.
According to a statement, the planned release followed moves made by the critical stakeholders, working with relevant government and security agencies, to put a halt to reprehensible and speculative activities of middlemen and bandits respectively.
With the release of 300,000 metric tonnes in February 2021, it is expected that the prices of maize in the Nigerian market will drop significantly, thereby increasing demand for the crop and ultimately enhancing the gains of maize farmers.
The Central Bank of Nigeria (CBN) says it will release about 300,000 metric tons of maize into the Nigerian market from strategic anchors under the Anchor Borrowers’ Programme (ABP). The release, expected in February 2021, according to the National President of the Maize Association of Nigeria (MAAN) Alhaji Bello Abubakar, should drive down the cost […]
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