Food Crisis: Major Feed Producers Halt Purchases, Prompting Prices Drop

In response to concerns over food security, Premier Feed Mills Ltd and Olam Nigeria have temporarily ceased the procurement of maize and sorghum, leading to notable price drops across various states.

Market reports indicate a significant decrease of over 10% in maize and sorghum prices in major markets such as Taraba, Plateau, Kaduna, Kano, and others.

Premier Feed Mills Ltd (PFM) cited the current food insecurity situation in Nigeria as the reason behind its decision to suspend maize offtake immediately.

Similarly, Olam Nigeria, a key player in food supply, has halted the purchase of essential grains like sorghum and maize to closely monitor market trends and adjust strategies accordingly.

Both companies emphasized their commitment to collaborating with industry peers and government authorities to address supply chain disruptions and ensure food availability.

The move has already shown results, with maize prices dropping from ₦58,000 to ₦42,000 in Taraba, and similar trends observed in markets across Kano, Kaduna, Plateau, Katsina, and Gombe states.