Maize, Sorghum Prices Crash In Nigeria As Major Feed Producers Halt Purchases

Must Read

News in Brief:
– Major animal feed producers in Nigeria suspending maize and sorghum purchases led to a price drop exceeding 10% in several states.
– The producers cite concerns about food insecurity and inflated prices, while seeking solutions with the government and exploring alternatives.

The suspension of maize and sorghum purchases by major animal feed producers in Nigeria has triggered a significant drop in grain prices across several states, according to a local news report.

Following the announcement by some of the country’s major feed producers, like Olam Agri and Premier Feed Mills Ltd (PFM), the report claimed that markets witnessed a decline of 10% in maize and sorghum prices.

States like Taraba, Plateau, Kaduna, Kano among others were among those where traders reportedly made price adjustments as a result of the feed producers’ actions. Taraba, for example, saw maize prices fall from ₦58,000 to ₦42,000. The media reports that from market survey, there was a significant downward trend in grain prices across key producing states.

Olam Agri had blamed rising food insecurity and market disruptions for its temporary suspension of grain purchases in Nigeria. However, it had mentioned an ongoing collaboration with the government to address the food crisis and expressed a commitment to finding alternative solutions.

This latest development suggests a potential market correction in response to the suspension of purchases by major buyers. However, the long-term impact on food security and the agricultural sector remains to be seen.

Recall that these major buyers are responsible for financing farmers to keep producing grains locally. The government’s financial promises to bolster local production can come into play to replace these if no mutually benefiting agreement is reached to resolve the crisis.

Joseph Akahome
Joseph Akahome
Joseph O Akahome (OJ) is a writer, with a Bachelor of Arts degree in English and Literature from the University of Benin. He is an avid agriculturist, with a bias for poultry and an insatiable appetite for chicken wings. When he is neither reading nor researching, he likes to spend recreational time playing board games, or swimming in serene forested lakes.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More Articles Like This

Latest News

Israeli Government Advocates For Technological Advancement In Nigeria’s Agriculture

News in Brief: - Israeli experts urged Nigeria to adopt advanced technology to boost agricultural productivity and economic growth. - Nigerian...

Subscribe

  • Gain full access to our premium content
  • Never miss a story with active notifications
  • Browse free from up to 5 devices at once