CBN grants approval for emergency importation of maize to tackle imminent food shortage

The Central Bank of Nigeria (CBN) has granted approval to four agro-processing companies to import 262,000 tons of maize and corn in the bid to complement an anticipated shortfall of the commodity in the country.

According Premium Times, this was disclosed in an internal memo of the Nigeria Customs dated August 6, 2020 and  endorsed by the deputy comptroller–general, T.M Isa (Tariff and Trade), which also was confirmed by the service’s public relations officer, Joseph Attah.

“In line with government policy on food security, sufficiency and striking a balance between food imports and local production capacities to meet anticipated shortfall, the Central Bank of Nigeria has granted approval for the underlisted companies to import maize in the quantities stated below,” the memo reads.

According to the memo with reference number: NCS/T&T/I&E/021/S.93/VOL, the apex bank granted approval to Wacot and Chi Farms Limited to import maize of 60,000 tons each, while Crown Flour Mills and Premier Feed Mills Company Limited will be importing maize of 22,000 and 120,000 tons respectively, within the period of these months (August, September and October).

“Note, approval is strictly for the four (4) companies listed above and stemmed to the months of August, September and October only,” the memo said.

“Given the clarification, all CACs are directed to note the companies, approved quantity, duration and jerque accordingly, ”

“Please be guided,” it concluded.

Data obtained from the United State Department of Agriculture (USDA), shows that Nigeria imported its second-largest volume of maize in a decade in 2019, maintaining the same level it recorded the previous year, despite calls by farmers for a restriction on the importation of the cereal.

The analysis shows that Nigeria imported 400,000 tons of maize in 2019, as it did in 2018, which is the second-highest volume imported by the country since 2009.

The highest was recorded in 2016 when 650,000 tons of maize was imported by the country.

However, Nigeria’s annual need for maize is estimated at 15 million metric tons while the country’s local production is 10.5 million tons.

-PREMIUM TIMES