The CBN made this known on Monday in a circular signed by O.S. Nnaji, its director, Trade and Exchange Department.“As part of effort by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase job, which were lost as a result of the ongoing Covid-19 Pandemic, Authorized dealers are hereby directed to discontinue the processing of Form M for the importation of maize/corn with immediate effect,” CBN said in the memo.
Nigeria is Africa’s top producer of maize, followed by Tanzania, according to the International Institute for Tropical Agriculture. But the country is also a leading importer as demand for animal feed grows in the country. “We are capable of producing the needed quantity of maize in the country if the government can place a ban on maize importation and provide us with the necessary incentives such as financial aids, loans, fertilizer among others,” Mr Uche said.
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