Post by Ismail AbdulAzeez on Apr 17, 2021 17:53:20 GMT 1
The Federal Government Of Nigeria Through CBN Releases 50,000 MT Of Maize To The Market
The Central Bank of Nigeria (CBN) facilitates the release of 50,000 Metric Tons of Maize into the Nigerian Commodities market in order to force down the price.
Recall that the government made a promise to release grains into the commodities market to force down the escalating price of maize stifling the poultry business in the country.
The Bank’s release of the maize in February 2021 is in fulfillment of that pledge. The release was done through the Anchor Borrowers’ programme (ABP) of the government to major poultry feed producers and poultry farmers in the country.
The release was made in the second week of February 2021; and it has already started making an impact by forcing down the price of maize from N200,000 per metric tonne to about N180,000 per metric tonne. The government is still hopeful that this action will still reduce the current price of the commodity.
The following are the major beneficiaries of the February 2021 release of the commodity:
Premier Flour Mills
Crown Olam
Grand Cereals
Animal Care
Amobin
Hybrid Feeds
The poultry farmers are:
Zaetech
Wacot
Sayeed Farms
Pandagri Novum
Premium Farms
Other beneficiaries are Chapters of the poultry Association of Nigeria (PAN):
South West
South-South
North West
North Central
The benefitting organization can be said to represent the major participants in the poultry value chain in the country. Maize is the major component of poultry feed composition; therefore anything that affects the commodity will have a great effect on the cost of feed.
Maize is the principal energy source used in the poultry diets in many countries of the world today, because of its high energy value. It contains the highest amount of energy among cereal grains (ME 3350 Kcal/kg).
Maize makes up to 70% of the total poultry feed ration.
Maize has low fibre content and is highly palatable, it is extremely low in calcium, but fair in phosphorus content.
You can now see the reason why both the feed producers, poultry farmers are interested in bringing down the cost of maize in the country.
We brought you a story in January 2021 that the Central Bank of Nigeria (CBN) has announced its plans to release 300,000 Metric tonnes of maize into the Nigerian Commodities market.
The aim of this move was to make up the shortfall in production of the commodity in the country.
The CBN understands that the shortfall was caused by circumstances beyond the control of farmers as there was so much banditry in some of the major producers of the commodity in the country.
Activities of Hoarders and middleman also contributed to the shortage of the commodity in the country.
But let us check across the commodities markets to see if this action had any substantial effect on the price of maize, or whether it affected the price of a related product.
As at the time of writing this article the price of maize on the AFEX Commodities Exchange website still shows the price of maize to be over N200,000 per ton.
The good news is that the government of Nigeria through the CBN is not relenting in anyway in this battle to defeat hunger and create more wealth for the citizens. The Federal government has set many policies in place to increase farmers’ output thereby increasing our capacity to feed ourselves in this country and even export to other countries.
For example, in our next article, we are going to bring to you a combined effort of GIZ, GIAE, IITA to scale up maize and cassava production in Nigeria. This will create massive wealth and jobs among our farmers.
Stay with us , we will keep you posted.
The Central Bank of Nigeria (CBN) facilitates the release of 50,000 Metric Tons of Maize into the Nigerian Commodities market in order to force down the price.
Recall that the government made a promise to release grains into the commodities market to force down the escalating price of maize stifling the poultry business in the country.
The Bank’s release of the maize in February 2021 is in fulfillment of that pledge. The release was done through the Anchor Borrowers’ programme (ABP) of the government to major poultry feed producers and poultry farmers in the country.
The release was made in the second week of February 2021; and it has already started making an impact by forcing down the price of maize from N200,000 per metric tonne to about N180,000 per metric tonne. The government is still hopeful that this action will still reduce the current price of the commodity.
The following are the major beneficiaries of the February 2021 release of the commodity:
Premier Flour Mills
Crown Olam
Grand Cereals
Animal Care
Amobin
Hybrid Feeds
The poultry farmers are:
Zaetech
Wacot
Sayeed Farms
Pandagri Novum
Premium Farms
Other beneficiaries are Chapters of the poultry Association of Nigeria (PAN):
South West
South-South
North West
North Central
The benefitting organization can be said to represent the major participants in the poultry value chain in the country. Maize is the major component of poultry feed composition; therefore anything that affects the commodity will have a great effect on the cost of feed.
Maize is the principal energy source used in the poultry diets in many countries of the world today, because of its high energy value. It contains the highest amount of energy among cereal grains (ME 3350 Kcal/kg).
Maize makes up to 70% of the total poultry feed ration.
Maize has low fibre content and is highly palatable, it is extremely low in calcium, but fair in phosphorus content.
You can now see the reason why both the feed producers, poultry farmers are interested in bringing down the cost of maize in the country.
We brought you a story in January 2021 that the Central Bank of Nigeria (CBN) has announced its plans to release 300,000 Metric tonnes of maize into the Nigerian Commodities market.
The aim of this move was to make up the shortfall in production of the commodity in the country.
The CBN understands that the shortfall was caused by circumstances beyond the control of farmers as there was so much banditry in some of the major producers of the commodity in the country.
Activities of Hoarders and middleman also contributed to the shortage of the commodity in the country.
But let us check across the commodities markets to see if this action had any substantial effect on the price of maize, or whether it affected the price of a related product.
As at the time of writing this article the price of maize on the AFEX Commodities Exchange website still shows the price of maize to be over N200,000 per ton.
The good news is that the government of Nigeria through the CBN is not relenting in anyway in this battle to defeat hunger and create more wealth for the citizens. The Federal government has set many policies in place to increase farmers’ output thereby increasing our capacity to feed ourselves in this country and even export to other countries.
For example, in our next article, we are going to bring to you a combined effort of GIZ, GIAE, IITA to scale up maize and cassava production in Nigeria. This will create massive wealth and jobs among our farmers.
Stay with us , we will keep you posted.
