Following suspension of purchases by key feed producers there has been a significant decrease in maize and sorghum prices.
Due to the recent move by leading animal feed manufacturers to halt the procurement of maize and sorghum nationwide, there has been a notable decrease in the prices of these grains in various states.
In Taraba, Plateau, Kaduna, Kano, and various other states, significant reductions exceeding 10% were observed in the prices of maize and sorghum in the main markets.
On Friday, Premier Feed Mills Ltd (PFM), a subsidiary of Flour Mills of Nigeria Plc, a leading manufacturer of animal feed in Nigeria, made known the prompt cessation of maize procurement due to the prevailing food insecurity situation in Nigeria and its effects on the populace.
“As significant off-takers and processors of maize and sorghum, we can attest to maize and sorghum prices being artificially high at present, with ripple effects on prices of finished products like poultry and other livestock. In the course of our active private-public sector collaborations, we have been in constant consultations with the government to establish viable ways of managing the ongoing food crisis, especially as it pertains to maize and sorghum.
“In view of this, PFM will temporarily suspend its off-taking of maize and sorghum as we monitor the market environment. In the interim, we will continue our commitment to local content development, finding innovative ways of serving our customers’ with the products they love,” a statement by the company read in part.
Olam Nigeria, a company specializing in the supply of food, feed, and various other products, has recently made a similar move by temporarily suspending the procurement of essential grains such as sorghum and maize with immediate effect.
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