Dear @denniskioko, sorry to butt in, but my boss @Ambrosia_Ijebu asked that I speak to you.
I found that you know the lovely @ElayneOkaya and another boss, @kenyanpundit, so you are good people.
#Nigeria's maize issue is the predictable outcome of government by stupidity.
I found that you know the lovely @ElayneOkaya and another boss, @kenyanpundit, so you are good people.
#Nigeria's maize issue is the predictable outcome of government by stupidity.
This little chart shows that pretty much since the Brits left us to our devices, #Nigeria has never struggled to meet the demand for maize within the country.
Asides a period of economic collapse in the early 1980s, a shortage caused by flooding in 2012, and then post 2016.
Asides a period of economic collapse in the early 1980s, a shortage caused by flooding in 2012, and then post 2016.
We're pretty self-sufficient on the maize score, except for when something happens, such as that 2012 thing.
Why did we start falling short after 2016?
It's one word: insecurity. As of a year ago, @BusinessDayNg had already flagged this as an issue: bit.ly/3hTRgbC
Why did we start falling short after 2016?
It's one word: insecurity. As of a year ago, @BusinessDayNg had already flagged this as an issue: bit.ly/3hTRgbC
When our @cenbank issued that circular a few months ago, there were complaints given the same insecurity, which has worsened, and the added issue of #COVID19.
Heck, a week later, a university professor warned about the ban, calling it ill-timed: bit.ly/3bmeoNe
Heck, a week later, a university professor warned about the ban, calling it ill-timed: bit.ly/3bmeoNe
There is another product, that has followed a roughly similar trajectory, one which we are not exactly self-sufficient in: rice.
Last year, our borders were shut to encourage home-grown rice production. Problem is, #Nigeria's demand for rice far outweighs our production capacity
Last year, our borders were shut to encourage home-grown rice production. Problem is, #Nigeria's demand for rice far outweighs our production capacity
Today makes it a year and five days since the borders were shut, and the results are in. There is still rice in Kano, but it's slightly out of reach: bit.ly/31UP1ze
The cost of making jollof rice has shot up 78% in the last four years a notable spike in the last year.
The cost of making jollof rice has shot up 78% in the last four years a notable spike in the last year.
To put it bluntly, the ill-timed move by @cenbank to add maize to the list of banned items meant that maize importers now access forex at the parallel markets, forcing them to raise prices in a time when other real issues mean that they can't produce as much.
I hope this helps.
I hope this helps.
