Maize, sorghum offtake suspended by Olam Agri, Premier Feed Mills

Two leading agro-processing firms in Nigeria, Olam Agri and Premier Feed Mills, PFM, have temporarily suspended the offtake of Maize and Sorghum amid economic hardship and the food crisis in the country.

In separate statements dated February 16, 2024, the firms said the move was part of efforts to manage the ongoing food insecurity and soaring prices in the country.

The companies insisted their focus will be channelled towards local content productions to ensure the continuous circulation of foods.

“In response to these challenges, we are actively collaborating with industry peers and government authorities to identify and implement strategic solutions to alleviate any additional stress on food availability.

“As part of our proactive approach, Olam Agri in Nigeria has decided to temporarily suspend the procurement of essential grains such as maize and sorghum immediately, which will allow us to closely monitor market trends and adjust to market realities. This decision follows wide consultations with relevant authorities and is part of our commitment to manage the ongoing crisis,” Olam Agri stated.

Similarly, Premier Feed Mills, a subsidiary of Flour Mills of Nigeria Plc and producers of TOPFEEDS, said: “Given this, PFM will temporarily suspend its offtaking of maize and sorghum as we monitor the market environment.

“In the interim, we will continue our commitment to local content development, finding innovative ways of serving our customers’ needs with the products they love.”

“Over the years, we have also sourced our key raw material, maize and sorghum, from Nigeria’s local maize farmers, thus employing over 150,000 Nigerian farmers while meeting the demand for animal feed rations and animal protein in the country,” the company added

February 15, the Federal Government said there would be no need to import food items into the country amid high prices.

According to the National Bureau of Statistics, Nigeria’s food inflation increased to 35.42 per cent in January 2024 from 33.93 per cent in December last year.