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CBN Disburses N12.55Bn To Boost Poultry Business

The Central Bank of Nigeria (CBN) has released the sum of N12.552 billion to poultry farmers in the country as part of its strategic monetary policy measures to increase egg and meat production, create more jobs and attracting new farmers to the sub-sector.

Lead farmers in the poultry sub-sector, who are familiar with the fund’s disbursements to farmers, confirmed to our correspondent that the funds were disbursed between Q4, 2019 and November this year through various commercial banks and the NIRSAL Microfinance Bank.

Similarly, a reliable source at the apex bank listed some of the big poultry farming enterprises that benefited from the intervention programmes as including, Olam Hatcheries in Kaduna State, Eastern Plains in Anambra State and Emmpek Farms, Delta State; Fortune Heights and Animal Care Limited, both in Ogun State; and Dasco Engineering in Lagos.

Other beneficiaries of the funding support under the Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) window are Elabi Farms in Bayelsa State and Aladeyelu Farms in Ondo State. reliably gathered the apex bank supported that 639 poultry farmers that applied through the regular AGSMEIS window had also received funds as Autonomous Poultry farmers, through NIRSAL MFB with N1.996 billion.

In addition, the sum of N1.591 billion was disbursed to 898 poultry farmers to mitigate the impact of COVID-19 on their operations.

The apex bank’s Director, Development Finance Department, Mr. Phillip Yila Yusuf, explained that the disbursement of funds to farmers was an on-going intervention that will also be extended to other farmers now being shortlisted by the bank for the loan.

The banker further hinted that additional fund would be disbursed to poultry farmers before the end of current year to achieve improved output, affordability and accessibility of eggs, broiler meat and day-old-chicks; assured market for egg-producers through off-take; employment creation for existing and improved protein intake for Nigerians, amongst other objectives.

It would be recalled that the apex bank had in 2019 collaborated with 12 universities in a pilot scheme known as ‘University-based Poultry Revival Programme’ to grow the nation’s poultry farming.

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