CBN boosts poultry business with N12.5b

The Central Bank of Nigeria (CBN) has released the sum of N12.552 billion to large, medium, and small-scale poultry farmers in the country as part of its strategy to boost local production capacity and create more jobs.
 
Sources at the apex bank said between the last quarter of 2019 and November 2020, farmers and other operators of the poultry value chain accessed the CBN intervention fund totalling N12.55billion from various commercial banks and the NIRSAL Microfinance Bank. 
Large-scale companies that benefited from the CBN intervention 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 include Elabi Farms in Bayelsa and Aladeyelu Farms in Ondo. 
 
The CBN noted that 639 poultry farmers that applied through the regular AGSMEIS window had also received funds as autonomous poultry farmers, through NIRSAL to the tune of N1.996 billion. 
 
Similarly, the sum of N1.591 billion has been disbursed to 898 poultry farmers across the country to ameliorate the impact of COVID-19 on their operations. 
Confirming this, the Director, Development Finance Department of the Bank, Phillip Yusuf, said the disbursement of funds to farmers was an on-going process as more farmers are being shortlisted for the loan. 

According to him, the additional fund will be disbursed to poultry farmers before the end of 2020 to guarantee, among others, improved affordability and accessibility of eggs, broiler meat, and day-old-chicks, assured market of egg-producers through off-take, create more jobs and improve protein intake for Nigerians.
 
It will be recalled that the CBN in 2019 hosted 12 universities from the six geo-political zones for partnership in a pilot scheme known as the University-based Poultry Revival Programme to address the demand gap and unlock the potential of Nigerian poultry producers. 

Some large-scale poultry farmers that have benefited from the scheme have lauded the Bank’s intervention in the sector, noting that the poultry sector would witness a do better as the economy exits the lull caused by the COVID-19.