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Maize farmers secure N16bn CBN facility

Maize farmers secure N16bn CBN facility

• Targets 25million Mt for 2020/2021 season

Following the ban on importation of maize by the Central Bank of Nigeria (CBN), Maize Farmers Association of Nigeria (MFAN), disclosed that it has secured N16billion credit facility from the apex bank for the 2020/2021 planting season. 

CBN in a recent memo dated July 13th, had directed all authorized dealers to discontinue processing of the Form M requesting for the importation of Corn with immediate effect, in effort to increase local production and stimulate rapid economic recovery. 

Commending the ban on importation of the grain, the National President, MFAN, Dr Bello Abubakar, during a news conference yesterday, in Abuja, disclosed that they have secured funds from the CBN, which would be distributed to about 40,000 members nationwide in the form of agro inputs like fertilizers, seeds, and agro-chemicals. 

He further said to boost maize production during the 2020 wet season; the Association had acquired over 250,000 hectares of land, which will double their output this year, especially as the CBN has also supported them with the provision of high yielding maize seeds.
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