Bayo Akomolafe 
…saves N66.06bn forex
Nigeria has saved N66.06 billion ($110.1 million) from importation of maize from Brazil and Russia through the Central Bank of Nigeria (CBN)’s anchor borrower scheme and forex restriction in the last one year.
Findings revealed that maize importation has been pruned down by 60 per cent from 500,000 tonnes to 200,000 tonnes as the price per metric tonne increased by 53.7 per cent from $170 to $367 at the international market in May 2022 because of the ongoing war between Russia and Ukraine.
Before CBN’s intervention, it was revealed that a total of N244.68 billion ($407.8 million) has been spent by importers to bring 1.05 million tonnes of maize into the country between 2018 and 2020 due to pests, which has led to drop in production. Statistics gathered from the Nigerian Ports Authority NPA)’s shipping position revealed that in 2020, the country imported 400,000 tonnes of the grain; 2019, 350,000 tonnes and 2018, 300 tonnes to meet domestic and industrial demand.
Also, data by the World Agricultural Supply and Demand Estimates (WASDE) also revealed that a total of 500,000 tonnes of the grain were imported into the country to meet domestic and industrial demand in 2020/21 season. It explained that the growing domestic demand for animal feed and the increasing foreign investment in the sector were responsible for maize imports.
It stressed that feeds represent over 70 per cent of the cost of poultry production in Nigeria. It was learnt that over 85 per cent of Nigeria’s production of 12.38 million tonnes as at 2021 were consumed by the industrial sector to produce flour, beer, malt drink, corn flakes, dextrose, animal and aquaculture feeds, while domestic consumption was 15 per cent.
On local production for the 2022/23, FAS Lagos forecasts Nigeria’s corn production at 12.5 million metric tonnes, compared to 11.6 million tonnes produced in 2021/22 production season.
Also, it attributed the increased yields to the five years of the Federal Government’s increased collaboration with National Agricultural Seeds Council, National Biotechnol ogy Development Agency, agricultural research institutes and reputable seed companies, explaining that the group’s effort had focused on developing and introducing improved seeds to farmers as the seedlings were resistant to fall army worm, which has constrained maize productivity across Nigeria.
Meanwhile, to further boost the grain production, the National Biotechnology Development Agency (NBDA) has began a trial phase for the new TELA maize in some states to understudy the variety among farmers.
The Deputy Director of the agency, Rose Gidado, said in Lagos that farmers would start planting the crop during this year’s planting season. Tela Maize is a Genetically Modified Organism (GMO) crop variety designed to resist insect pests like fall armyworms and stem-borers and to tolerate moderate drought.
The Federal Government, through NBDA in 2021, granted environmental approval for the evaluation and open cultivation of new maize variety crop
