CBN disburses N12.55bn facility to enhance poultry production in Nigeria

Alexander Davis | ConsumerConnect

As part of Nigeria’s strategy to boost egg and meat production besides creating more jobs for Nigerians, the Central Bank of Nigeria (CBN) has released N12.55billion to support the small, medium and large-scale poultry farmers.

The apex bank explained that the gesture is part of its strategy to boost egg and meat production as well as to create more jobs for Nigerians.

ConsumerConnect reports some stakeholders under the umbrella of Poultry Association of Nigeria (PAN) recently called on the Federal Government to intervene in the sector to mitigate the losses occasioned by the restriction of movement of goods and services amid the spread of the COVID-19 pandemic and the attendant lockdown.

Mr. Ezekiel Ibrahim, President of PAN, while addressing journalists had raised concerns that unless there was an urgent government intervention, the industry might be forced to shut down by January 2021.

Ibrahim stated the current situation had threatened about 10 million jobs, especially at the urban and rural areas and led to divestment in the poultry sector due to lack of investor confidence.

Mr. Yila Yusuf, Director of Development Finance Department at CBN, in a statement Wednesday said the disbursement of funds to farmers was an ongoing process as more farmers are being shortlisted for the loan.

Between the last quarter of 2019 and November 2020, farmers in the poultry value chain had received a total of N12, 555,000,000 from various commercial banks and the NIRSAL Microfinance Bank, he stated.

The Bankers’ Bank listed the large-scale companies that benefited from its intervention programmes to include Fortune Heights and Animal Care, both in Ogun State; Dasco Engineering in Lagos, Olam Hatcheries in Kaduna, Eastern Plains in Anambra State and Emmpek Farms in Delta State.

Other beneficiaries listed under the Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) window included Elabi Farms in Bayelsa and Aladeyelu Farms in Ondo.

Further giving the breakdown of the disbursements, the CBN said that 639 poultry farmers that applied through the regular AGSMEIS window had also received funds as Autonomous Poultry Farmers, through NIRSAL MFB, to the tune of N1.99 billion.

Similarly, N1.59 billion has also been disbursed to 898 poultry farmers nationwide to ameliorate the impact of COVID-19 on their operations.

Yusuf said an additional fund will be disbursed to poultry farmers before the end of 2020 to guarantee, among other objectives, improved affordability and accessibility of eggs, broiler meat and day-old-chicks; assured market for egg-producers through off-take; employment creation for existing and new poultry farmers and improved protein intake for Nigerians.

In 2019, the Bank hosted 12 universities from six geopolitical zones to partner with them in a pilot scheme known as university-based Poultry Revival Programme.

The scheme is aimed at further addressing the demand gap and unlocking the potential of Nigerian poultry producers, through the involvement of universities.

Meanwhile, some large-scale poultry farmers who had benefited from the intervention schemes of the CBN have continued to commend the bank’s intervention in the sector.

Mr. Mashey Rasheed, Chief Executives of Premium Farms, and Dr. Ayoola Oduntan, Amo Byng Nigeria Limited, both urged other players to embrace the interventions by the CBN in order to enhance job creation opportunities in Nigeria.

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