A Nigerian provider of differentiated food, feed, and fibre products, Olam Agri has decided to temporarily suspend the procurement of essential grains such as maize and sorghum, so as to closely monitor market trends and adjust to market realities.
The Agricultural Company, disclosing this in a statement, noted that the suspension is part of the firm's commitment to manage the ongoing crisis. According to Olam Agri, the decision was made after a range of wide consultations with relevant authorities.
According to the statement, Olam Agri said it is actively collaborating with industry peers and government authorities to identify and implement strategic solutions to alleviate any additional stress on food availability.
The statement further reads, "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. 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."
