Between April and May, Nigeria spent $15.2 million on maize imports, The Nation reports. According to the news website, this amount equates 70,000 metric tons of maize, at a current market price of $217 per metric ton.
In 2016, the nation imported 300,000 tons of maize to support domestic production which stands at 7.2 million tons. It should be highlighted that 60% of this production is used by manufacturing firms to produce corn flakes, malt drink, beer, flour, animal feeds, syrup and dextrose.
As compared to last year, the price of maize has doubled in Nigeria, according to consumer Price Index (CPI). This is mainly attributed to Naira’s depreciation an inflation. The situation should however be improved as the country works to diversify its economy and boost investments in agriculture in the years to come.
WITH ecofinagency
