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Aliko Dangote wants govt to ban maize export to prevent Russia, Ukraine fallout

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CBN issues emergency approval to four firms to import maize

Africa’s richest man, Aliko Dangote, has called for a ban on export of maize out of Nigeria, to make the country sufficient amid the ongoing war between Russia and Ukraine.

Dangote said the war between the two countries would affect fertilisers considering Russia and Ukraine account for 30% of the world’s urea and 26% of the world’s potash, as well as phosphate.

Urea, potash and phosphate are ingredients used to make fertilizers, and in order to cushion the ripple effect of disruption to supply chain from Russia and Ukraine, the founder of Dangote Group asked for an embargo on maize export.

READ ALSO: Apapa gridlock affects Dangote Sugar operation, as earnings hit N276.50bn

During the fourth Annual Nigerian Food Processors and Nutrition Leadership Forum on Thursday, Dangote explained that exportation will cause scarcity as producers will jostle to earn in foreign currency.

This comes at a period naira is weakening against the US Dollar, trading for N416.67 in official market and N577 in black market.

He envisaged that there would also be shortage of wheat and other products in the next two, three months due to the war affecting access to fertilizers. Dangote hinted that the scarcity would also affect US.

“Right now, you would start seeing people exporting maize to earn foreign exchange, which I think we need to stop, so that we don’t create shortage, and we need to make sure we grow more so we don’t have shortage.

“It is about food security, and it is very very serious.” Dangote said during the event.

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