Olam Agri in Nigeria has temporarily suspended purchase of maize and sorghum to allow it monitor market trends, adjust to market realities and boost food security.
In a statement, the firm, which provides differentiated food, feed, and fibre products, said it recognises the challenges of food insecurity.
It said: “As a major buyer and processor of food staples, we share concerns around the high prices and supply chain disruptions affecting availability of essential grains. In response, we are collaborating with industry peers and government to identify and implement solutions to alleviate stress on food availability. As part of our approach, Olam temporarily suspends procurement of maize and sorghum which will allow us to monitor market trends and adjust to market realities”.
“During this period, our commitment to contribute to local food production remains unwavering as we will ensure uninterrupted distribution of food supplies. Our practice of sourcing essential grains from local farmers has supported livelihoods and met demand for critical nutrients in daily diets”.
“We are steadfast in our commitment to driving sustainable socio-economic development and food security in Nigeria. We are committed and will continue to work closely with authorities to contribute to stabilising the current market challenges”.