As food shortage and increased price of commodities continues to bite harder across the country, Global Agri-business Firm,also known as Olam Agri, said it is temporarily suspending its purchase of maize and sorghum in order to study the market trends and make adjustments.
In a terse electronic statement made available to journalists’ weekend, the company said it recognises the nation’s significant challenges of food insecurity and being a major buyer and processor of food staples, it shares the concerns around the high prices and supply chain disruptions affecting the availability of essential grains.
It said: “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 which will allow us to closely monitor market trends and adjust to market realities.
“This decision follows wide consultation with relevant authorities and it is part of our commitment to manage the ongoing crisis.
“During this period, our commitment to contribute to local food production capacities remains unwavering as we will ensure uninterrupted distribution of food supplies to the public. Our longstanding practice of sourcing essential grains from local Nigerian farmers has supported thousands of livelihoods and met the country’s demand for critical nutrients in daily diets.”
