The Central Bank of Nigerians plans to imject 300,000 metric tonnes of maize into the market in the month of February,2021 in order to make up for the shortfall in production which has resulted in a demand-push inflation with its current price at N155,000 per metric tonne.
Target production levels were not achieved due to a number of factors. Stakeholders, including the President of the Maize Association of Nigerians, Alhaji Bello and a prime anchor under the Anchor Borrowers Program, Mr. Edwin Uche , have identified insecurity around the major maize production belt of Kaduna and Kano States, drought in some parts, and the activities of middlemen as factors responsible for the shortfall.
They made the submissions while speaking with newsmen in Abuja on Monday. It is expected that the proposed injection when effected will bring down the price of the commodity from the current N155,000 to N120,000 per metric tonne.
The Central Bank of Nigerian has in the last few years provided bouquet of funding channels – the Anchor Borrowers Program, Maize Aggregation Scheme, Commercial Agricultural Credit Scheme etc to improve agricultural production and achieve food security.
The President of the Maize Association of Nigerians, Alhaji Bello confirmed in his interaction with the newsmen, that its members have been granted credit by the CBN adding that over 200,000 farmers are being primed to produce 25million metric tonnes of maize in the 2020/2021 planting season.
Bello also stated that the CBN secured credit is being distributed to its members nationwide and expressed confidence that the CBN support will boost production, stabilize price and ensure availability.
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