Post by Ismail AbdulAzeez on Dec 21, 2020 10:28:07 GMT 1
The Central Bank Of Nigeria (CBN) Boosts Poultry Industry With Disbursement Of NGN12.55bn
The Central Bank of Nigeria (CBN) has revealed to the business community that it has so far released a total sum of N12.55bn to support the small, medium and large scale poultry farmers in the poultry industry.
The apex bank explained that it is one of the numerous strategies it has designed to boost egg and poultry meat production in the country and at the same time to create more jobs for the unemployed youths in our country.
In the recent past, one of the organizations catering for the interest of poultry farmers, Poultry Association of Nigeria (PAN) had asked the federal government to come to the aid of the poultry farmers to mitigate the horrible impact of Covid-19 on the industry. The industry can be said to be the hardest hit as movement of both day old chicks (DOC) and matured birds was highly restricted during the lockdown. Egg production was almost brought to a halt, thereby causing heavy losses to the farmers.
The president of the association, Mr. Ezekiel Ibrahim, raised the concern that if drastic actions are not taken to rescue the poultry industry from collapse, that there is likely to be a total collapse of the industry by the beginning of the year 2021.
The association also revealed to the nation that over 10 million jobs are currently at risk which cuts across both urban and rural populace. Investors are currently not interested in the sector due the looming infrastructural collapse.
But the Director of Development Finance in the Central Bank of Nigeria (CBN), Mr. Yila Yussuf, in a statement said that the disbursement of funds to the poultry farmers was an ongoing process and that more farmers are always being shortlisted to benefit from the programme.
The CBN Director said that between the last quarter of 2019 and November 2020, farmers in the industry had been given a total loan amount of N12, 555,000,000 through various commercial banks and NIRSAL Microfinance Bank.
Here are the large scale poultry companies that had so far benefited from the intervention Programmes: Fortune Heights and Animal Care in Ogun State.
Dasco Engineering in Lagos state,
Olam Hatcheries in Kaduna state,
Eastern Plains in Anambra state
Emmpek Farms in Delta State.
The other beneficiaries that are listed under the Agri-Business/Small and Medium Enterprises Scheme (AGSMEIS) window are:
Elabi Farms in Bayelsa state
Aladeyely Farms in Ondo state.
The CBN also stated that about 639 poultry farmers that applied through the regular AGSMEIS had also received funds as Autonomous Poultry Farmers through NIRSAL Microfinance bank to the tune of N1.99 billion.
The Apex bank also stated that it has disbursed about N1.59 billion to 889 poultry farmers in the country to cushion the effect of Covid-19 on their operations.
It was also revealed that the Central Bank of Nigeria had in 2019 hosted 12 universities from the six geopolitical zones to partner with them in a pilot scheme known as university-based Poultry Revival Programme. This programme is aimed at addressing the demand gap and increasing the potential of Nigerian poultry farmers and producers through the involvement of universities.
It is good to note that some past beneficiaries of the government’s intervention have commended the CBN for the various schemes put in place to ameliorate the hash economic weather affecting the whole economy and particularly the poultry industry due to its peculiarity.
Some prominent players in the industry like Mr. Mashey Rasheed, Chief Executive Officer of Premium Farms, urged other players in the industry to come on board and embrace the interventions by the Central Bank of Nigeria (CBN) to poultry farmers in order to increase job creation opportunities in the country.
However, those in the poultry industry have started raising eyebrows on the recent opening of the country’s land borders and what will be the effect on the industry.
The Central Bank of Nigeria (CBN) has revealed to the business community that it has so far released a total sum of N12.55bn to support the small, medium and large scale poultry farmers in the poultry industry.
The apex bank explained that it is one of the numerous strategies it has designed to boost egg and poultry meat production in the country and at the same time to create more jobs for the unemployed youths in our country.
In the recent past, one of the organizations catering for the interest of poultry farmers, Poultry Association of Nigeria (PAN) had asked the federal government to come to the aid of the poultry farmers to mitigate the horrible impact of Covid-19 on the industry. The industry can be said to be the hardest hit as movement of both day old chicks (DOC) and matured birds was highly restricted during the lockdown. Egg production was almost brought to a halt, thereby causing heavy losses to the farmers.
The president of the association, Mr. Ezekiel Ibrahim, raised the concern that if drastic actions are not taken to rescue the poultry industry from collapse, that there is likely to be a total collapse of the industry by the beginning of the year 2021.
The association also revealed to the nation that over 10 million jobs are currently at risk which cuts across both urban and rural populace. Investors are currently not interested in the sector due the looming infrastructural collapse.
But the Director of Development Finance in the Central Bank of Nigeria (CBN), Mr. Yila Yussuf, in a statement said that the disbursement of funds to the poultry farmers was an ongoing process and that more farmers are always being shortlisted to benefit from the programme.
The CBN Director said that between the last quarter of 2019 and November 2020, farmers in the industry had been given a total loan amount of N12, 555,000,000 through various commercial banks and NIRSAL Microfinance Bank.
Here are the large scale poultry companies that had so far benefited from the intervention Programmes: Fortune Heights and Animal Care in Ogun State.
Dasco Engineering in Lagos state,
Olam Hatcheries in Kaduna state,
Eastern Plains in Anambra state
Emmpek Farms in Delta State.
The other beneficiaries that are listed under the Agri-Business/Small and Medium Enterprises Scheme (AGSMEIS) window are:
Elabi Farms in Bayelsa state
Aladeyely Farms in Ondo state.
The CBN also stated that about 639 poultry farmers that applied through the regular AGSMEIS had also received funds as Autonomous Poultry Farmers through NIRSAL Microfinance bank to the tune of N1.99 billion.
The Apex bank also stated that it has disbursed about N1.59 billion to 889 poultry farmers in the country to cushion the effect of Covid-19 on their operations.
It was also revealed that the Central Bank of Nigeria had in 2019 hosted 12 universities from the six geopolitical zones to partner with them in a pilot scheme known as university-based Poultry Revival Programme. This programme is aimed at addressing the demand gap and increasing the potential of Nigerian poultry farmers and producers through the involvement of universities.
It is good to note that some past beneficiaries of the government’s intervention have commended the CBN for the various schemes put in place to ameliorate the hash economic weather affecting the whole economy and particularly the poultry industry due to its peculiarity.
Some prominent players in the industry like Mr. Mashey Rasheed, Chief Executive Officer of Premium Farms, urged other players in the industry to come on board and embrace the interventions by the Central Bank of Nigeria (CBN) to poultry farmers in order to increase job creation opportunities in the country.
However, those in the poultry industry have started raising eyebrows on the recent opening of the country’s land borders and what will be the effect on the industry.
