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CBN Disburses ₦12.55 billion To Poultry Farmers

CBN Disburses ₦12.55 billion To Poultry Farmers

In the quest to boost egg production and grow the number of job opportunities in the poultry sub-sector the Central Bank of Nigeria (CBN) has disbursed the sum of N12.55 billion to small, medium, and large scale poultry farmers in the country.

Poultry business owners under the aegis of the Poultry Association of Nigeria (PAN) had in November urged the federal government to offer support in order to cut their losses following the restriction of movement caused by the COVID-19 pandemic

The president of the body, Ezekiel Ibrahim while speaking with journalists warned that poultry businesses are on the brink of shutting down if the government fails to intervene urgently.

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He also stated that due to the lack of confidence in the sector, there is divestment in the industry, which threatens nearly 10 million jobs in both rural and urban centres.

However, the CBN through a statement by its Director, Development Finance Department, Mr. Yila Yusuf, stated that funds disbursement to poultry farmers is ongoing as more farmers are being shortlisted to access funding.

Yusuf stated that, in the final quarter of 2019 and the November 2020, poultry farmers received N12, 555,000,000 from various commercial banks and the NIRSAL Microfinance Bank.

According to the apex bank the large scale poultry businesses that have so far benefited from its intervention programme are; 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.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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