Public Management

Nigerian Senate Opposes Raw Maize Exports

Nigerian Senate Opposes Raw Maize Exports
Tuesday, 10 December 2024 12:30

In Nigeria, maize is the most widely grown and consumed cereal. The authorities are working to ensure a steady supply for the local market, amid growing pressures on availability.

On December 6, the Nigerian Senate passed a bill aimed at curbing the export of raw maize. Reuters reported that under the new bill, any shipment of unprocessed maize weighing a ton or more would be illegal. Offenders would face a fine equal to the value of the seized goods or up to one year in prison.

The main objective of this move is to ensure a stable supply for the domestic market. Many traders have been selling maize to neighboring West and Central African countries to take advantage of higher profits when converting their earnings back to the weaker naira, compared to the stronger CFA franc.

Official data indicate that Nigeria exports between 50,000 and 75,000 tons of maize annually, but observers believe these figures may underestimate the volume of unrecorded trade in the region.

The Senate's proposal, which still needs approval from President Tinubu, comes amid severe food insecurity affecting over 30 million Nigerians. The maize sector, which plays a critical role in the country's diet, is under growing pressure. The U.S. Department of Agriculture (USDA) forecasts Nigeria's maize production will reach 11 million tons in 2024-2025, marking the second consecutive year it will fall below 12 million tons, a level also seen in 2018/2019, according to Ecofin Agency.

Several factors are contributing to the decline in maize production. Rising insecurity in the northern "maize belt," which includes major maize-producing areas, has disrupted farming activities. The devaluation of the naira has also increased the cost of agricultural inputs, making it harder for farmers to invest in their fields. As a result, Nigeria’s maize yields are about half those of South Africa or Ethiopia.

With reduced production, the supply of maize will need to meet the growing demand for food, beverages, and livestock feed. The poultry industry alone already accounts for nearly 45% of maize consumption in Nigeria.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Governments plan to raise CFA3,908.5 billion on the BEAC public securities market The total is down from CFA5,272.8 billion mobilized between...
Somalia is shifting from crisis management to policy-led reconstruction under IMF-backed reforms. Fiscal discipline and institutional rebuilding...
DR Congo launches FOREC, activating long-dormant economic regulation fund Fund to monitor markets, stabilise prices, protect household purchasing...
At the start of the year, the regional debt market is operating fully as a price-driven market. Its depth and capacity to absorb large volumes are no...
Most Read
01

Ethiopia agreed in principle with investors holding over 45% of its $1 billion eurobond due 2...

Ethiopia Secures Preliminary Eurobond Restructuring Deal With Private Investors
02

Africa’s AI adoption is accelerating, but its ability to scale depends primarily on foundational i...

Africa’s Artificial Intelligence Moment : Infrastructure, Governance and the Path to Scale
03

African billionaires increased their combined net worth by $21.9 billion in 2025. Nigerian b...

Africa’s Billionaires Post Strong Gains as Global Wealth Hits Record
04

Flutterwave acquired Nigerian open banking startup Mono in an all-share deal valued between $...

Flutterwave Adds Open Banking With Mono Acquisition
05

The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...

AES Launches Confederal Investment Bank: A Strategic Pivot Toward Sahelian Financial Sovereignty
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.