CBN Releases N12.552bn to Poultry Sector to Boost Egg, Meat Production - News at its peak

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CBN Releases N12.552bn to Poultry Sector to Boost Egg, Meat Production

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The Central Bank of Nigeria (CBN) has released a total sum of N12.552 billion to large, medium and small-scale poultry farmers nationwide as part of a strategy to boost eggs and meat production as well as create job opportunities in the country.

The CBN recent report showed that farmers in the poultry value chain received funds amounting to N12.55 billion from various commercial banks and the Nigerian Incentive-Based Risk Sharing system for Agricultural Lending (NIRSAL) microfinance bank.

According to the report, large scale companies benefited from the CBN various intervention programmes, including Fortune Height and Animal Care from Ogun State, Dasco Engineering in Lagos, Olam Hatcheries in Kaduna, Eastern Plains in Anambra State, and Emmpek Farms in Delta State.

The apex bank however said that 639 poultry farmers that applied through the regular Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) window had also received funds as autonomous poultry farmers, through NIRSAL MFB, to the tune of N1.996 billion. In the same vein, 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.

The director of the development finance department, CBN, Mr. Philip Yila Yusuf, who confirmed the report, said the disbursement of funds to farmers was an ongoing process, adding that more farmers are being shortlisted for the loan, to boost poultry and egg production. Blue Print

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