…Maize association lauds initiative
The Central Bank of Nigeria (CBN) has directed all authorised foreign exchange market dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
The latest directive on maize was contained in a notice that was addressed to authorised dealers and signed by Dr Ozoemena Nnaji, CBN’s Director in charge of Trade and Exchange Department.
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In the notice, the CBN listed four reasons for the directive to discontinue maize importation, They are: To increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and to increase jobs
In line with this development, all the authorised dealers have been told to return all the Forms M they have already registered for the purpose of importing maize. They are to return the forms on or before Wednesday, July 15, 2020.
It would be recalled that the apex bank had in December, 2018 included fertilizer to the list of items classified as “Not Valid for Foreign Exchange.”
In June 2015, it listed 41 items it said were ineligible for allocation of foreign exchange for their importation, on grounds that they could easily be produced in the country.
The Central Bank of Nigeria (CBN) has directed all authorised foreign exchange market dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
The latest directive on maize was contained in a notice that was addressed to authorised dealers and signed by Dr Ozoemena 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, The reasons are: To increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and to increase jobs
In line with this development, all the authorised dealers have been told to return all the Forms M they have already registered for the purpose of importing maize. They are to return the forms on or before Wednesday, July 15, 2020.
It would be recalled that the apex bank had in December, 2018 included fertilizer to the list of items classified as “Not Valid for Foreign Exchange.”
In June 2015, it listed 41 items it said were ineligible for allocation of foreign exchange for their importation, on grounds that they could easily be produced in the country.
Reacting to the news, the former national president of the Maize Association of Nigeria (MAAN), an umbrella body of all maize farmers in the country, Mr Tunji Adenola said that the CBN action was long overdue.
He said that the gesture was an encouragement for local production, adding that the same bank is also involved in the funding of maize production in the country.
“If the farmers produce and there is no market, it will discourage the local drive for self-sufficiency. Once the market is there for the farmers, many other will join in the production,” he said.
On his part, the national president of the Poultry Association of Nigeria (PAN), Mr Ezekiel Ibrahim, said the association will be meeting with the Minister of Agriculture and Rural Development, Alhaji Sabo Nanono, in the coming days and will react to the development only after the meeting.
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