CBN approves emergency maize import for 4 companies
- 4th September 2020
- Posted by: Hakeem
- Category: Business plans
The Nigeria Customs Service has confirmed the 4 companies that have been given the CBN emergency approval to imports 262,000 tons of maize into Nigeria.
The companies are Wacot Limited, Chi farms Limited, Crown Flour Mills Limited and Premier Feeds Company Limited.
This was disclosed in a memo with reference number: NCS/T&T/I&E/021/S.93/VOL on Thursday evening signed by the Deputy Comptroller General, T.M ISA and seen by Nairametrics.
The letter said, “in line with the government’s 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 also noted the banks to conduct the transactions with, the names of the companies, and the quantity each company is approved to import.
Wacot Limited, approved to import 60,000 tons , conducting half of the approved capacity with Citi Bank and Titan Trust Bank respectively.
Chi Farms Limited will import 60,000 tons of maize banking with Titan Trust Limited.
Crown Flour Mills, with the lowest capacity approval, would import 22,000 tons via Coronation Bank.
Premier Feeds Company Limited got the highest capacity approval at 120,000 tons and will bank with Zenith Bank for the transaction.
The Nigeria Customs Service warned that only the above 4 companies are allowed to import maize into the country and the exercise would run strictly from August to October.
On Thursday, President Muhammadu Buhari had announced the Federal government’s plan to release 30,000 tons of maize from the national reserves to animal feed producers to deal with the high cost of poultry production after the ban on maize imports.
“We are very mindful of the challenge of high food prices, at a time when the economy is already in a slowdown caused by the global coronavirus situation, and are doing everything in our power to bring down the prices of food items across the country,” Buhari said.