CBN Makes U-Turn, Permits Only Four Nigerian Companies To Import Maize

The Central Bank of Nigeria (CBN) has given approval to only four Nigerian companies to import maize into the country at specific capacities, a statement issued by the Nigeria Customs Service read.

The companies listed by the Central Bank include Wacot Limited (at 30,000 tons capacity), Chi Farms Limited (at 60,000 tons capacity), Crown Flour Mills Limited (22,000 tons) and Premier Feed Mills Limited (120,000 tons).


The letter read:


RE: IMPORTATION OF MAIZE AND CORN INTO THE COUNTRY


“I am direct to refer to the above subject matter.

In line with government policy on food security, sufficiency and striking a balance between food security and local production capacity to meet anticipated shortfall, the Central Bank of Nigeria has granted approval to the underlisted companies to import maize in the quantities stated below:

Wacot Limited 30,000 tons Citi Bank

Wacot Limited 30,000 tons Titan Trust Bank

Chi Farms Limited 60,000 tons Titan Trust Bank

Crown Flour Mills Limited 22,000 tons Coronation Bank

Premier Feed Mills Limited 120,000 tons Zenith Bank

Note: Approval is strictly for the four companies listed above and stemmed to the months of August, September and October alone.

Given the clarification, all CACs are directed to note the above companies, approved companies, duration and jerque accordingly.

Please be guided.

This development comes one month after the CBN banned the importation of maize into Nigeria and also restricted maize importers from accessing foreign exchange.

The apex bank had given four main reasons for the discontinuation of maize importation. The reasons given include;
To increase local production
To stimulate a rapid economic recovery
To safeguard rural livelihoods
To increase jobs

Cereals (which include maize and other assorted grains) make up Nigeria’s top ten imports. In 2019 alone, the country spent about $1.3 billion on cereals importation, according to World’s Top Export.