• Tuesday, May 21, 2024
businessday logo

BusinessDay

Premier Feed Mills quits buying maize, sorghum as prices surge

FG releases transgenic Tela maize for open cultivation

Premier Feed Mills Ltd (PFM), subsidiary of Flour Mills of Nigeria Plc and producers of TOPFEEDS says it is suspending purchase of maize and sorghum because of the difficulty in the Nigerian operating environment.

The company which is a leading Animal Feed Brand in Nigeria and the largest producer of Aqua Feed in Sub-Saharan Africa said in a statement at the weekend that it acknowledges the current state of food insecurity in Nigeria and its impact on citizens.

“As significant off-takers and processors of maize and sorghum, we can attest to maize and sorghum prices being artificially high at present, with ripple effects on prices of finished products like poultry and other livestock. In the course of our active private-public sector collaborations, we have been in constant consultation with the government to establish viable ways of managing the ongoing food crisis especially as it pertains to maize and sorghum, the company said in a statement seen By BusinessDay.

“In view of 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.”

Premier Feed Mills vowed to continue to create viable growth opportunities for the country while providing employment prospects for Nigerians.