The Central Bank of Nigeria has released 12.55 billion Nigerian naira (US$31 million) to boost egg and meat production and create more jobs for Nigerians.
Ezekiel Ibrahim, president of the Poultry Association of Nigeria, recently warned that the poultry industry in Nigeria might be forced into a shutdown by January 2021 if urgent action was not taken by the government to address the high cost of grains, amongst other challenges. The money released by the Central Bank is set to support small, medium and large-scale poultry farmers in the country.
Feed costs have risen by over 75% in November 2020 and January 2021, and the situation has threatened up to 10 million jobs. However, recent reports have stated that the director of the development finance department at the Central Bank, Yila Yusuf, said that between the last quarter of 2019 and November 2020, poultry farmers throughout the poultry value chain had received a total of N12.55 billion from various commercial banks and the NIRSAL Microfinance Bank. He noted that 639 poultry farmers had also received funds to the tune of N1.99 billion (US$4.8 million). Similarly, N1.59 billion (US$4 million) had also been disbursed to 898 poultry farmers nationwide to soften the impact of Covid-19 on their operations. It was reported that additional funds will be disbursed to poultry farmers to help make eggs, broiler meat and day-old-chicks more affordable and accessible, as well as to help create jobs. Poultry World News.