CBN, Farmers Embark On Massive Maize Production, After Import Ban

By Ola Samuel

Barely two weeks after the Central Bank of Nigeria, CBN stopped the importation of maize the Godwin Emefiele-led government bank has rolled out plans to support Nigerian farmers for the production of 12.5 million tons of the commodity.

The apex bank had few days ago told importers of grains that it will no longer made foreign exchange available for the importation of corn, a step necessary to promote local production and help grow the economy, it said.

On July 13, CBN in a statement said “As part of effort by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase job, which were lost as a result of the ongoing Covid-19 Pandemic, Authorized dealers are hereby directed to discontinue the processing of Form M for the importation of maize/corn with immediate effect,” CBN said in the memo.”

Corn, the CBN said has effectively been added to the list of  over 50 prohibitive items in the country.

Following the move, some Nigerians have raised concern that the move could lead to the scarcity of the commodity, a major staple for Nigerians, at this times.

This concern, others now say, may have been addressed by the CBN’s decision to assist farmers in the massive production of the essential commodity.

According to Yusuf Yila, Head, Development Finance Department, CBN farmers are expected to produce 12.5 million tons of corn by December 2022.

He disclosed this at the stakeholders’ meeting of Maize Growers Processors and Marketers Association of Nigeria, MAGPAMAN on Friday.

The apex bank said it will focus on strategies for effective implementation of 2020 wet season CBN-MAIZE Anchor Borrowers Programme, ABP to deliver on the massive production of  maize within the specified period.

Yila said “CBN is passionate about maize as a commodity and we believe that there is immense opportunity in that crop and Nigeria has a comparative advantage to produce maize that will not only sustain the country but can be exported.

It is on that premise that the CBN resolved and decided to pursue the support of the maize initiatives.

Just this 2020 wet season farming, our total pursuit and target that we have met is 250, 000 hectares across the country and MAGPAMAN coming for the first time has taken about 70, 000.”

Following the ban on importation, everything is being done, the CBN said to ensure food sufficiency and sustenance for Nigerians.

Therefore, “We have a mandate to ensure there is no maize scarcity in this country and to grow maize production in this country. So, our target for the dry season is that we are going to double that number.

In the next 18 months from this dry season, our target is to do 2.5 million hectares of land of maize in this country.”

It means in the next 18 months, our projection for production is 12.5 million metric tons of maize and we believe with that and the other production around the country Nigeria will be self-sustainable in maize production,’’ Yila said.

Meanwhile, some Nigerians have lauded the efforts of the CBN to promote agri-business in the country as well as its support for farmers under the Anchor-Borrowers initiative.