Maize Price To Crash As Buhari Unveils Pyramid

The Maize Association of Nigeria (MAAN) has said the country will witness a crash in maize price  following increase in the production of the commodity.

MAAN said President Muhammadu Buhari would unveil a maize pyramid in Kaduna next week to showcase increased production of the commodity.

This, it said, would stop maize merchants from hoarding the product as processors would offtake the commodity from them.

Association’s National President Dr Abubakar Bello, who spoke yesterday at a news conference in Abuja, said maize production had hit a high of 20 million metric tonnes following support by Central Bank of Nigeria’s (CBN’s) Anchor Borrowers Programme (ABP).

Noting that poultry farmers had been complaining of inadequate maize and the need to import, Abubakar assured Nigerians there was enough maize to meet demand.

He said demand by poultry farmers was between 14 to 16 million metric tonnes, and with production at 20 million metric tonnes, there was enough to meet their demand and for consumption.

The MAAN chief noted that the significance of the pyramid was to showcase the association’s strength to produce enough for the populace, saying it would also show that farmers were able to repay their loan under the Anchor Borrowers programme.