The significance of maize production to modern society is first and foremost reflected in its importance in the diet of man and animals throughout the world.
According to report released in fourth quarter of 2017 by the National Bureau of Statistics (NBS), Nigeria imported maize from foreign countries that worth about N146.8 billion annually. Therefore, Nigeria cannot continue to depend on importation to feed her growing population, thus, there is need to encourage local production by providing good market in terms of prices.
In light of this, the Central Bank of Nigeria (CBN) has directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country. This directive is contained in a notice that was addressed to authorised dealers and signed by Dr O.S Nnaji, CBN’s Director in charge of Trade and Exchange Department.In the notice, the CBN noted four main reasons for the directive to discontinue maize importation, which are to: increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs.
All the authorised dealers have been told to return all the Forms M they have already registered for the purpose of importing maize.
PANELISTS :
– Kola Masha, Managing Director, Babban Gona
– Hemant Nitturkar, Project Director, Building an Economically Sustainable, Integrated Cassava Seed System in Nigeria (BASICS)
– Ayodeji Balogun, Chief Executive Officer, AFEX Commodity Exchange Nigeria
– Nneka Eze, Partner, Dalberg Advisors (Moderator)
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