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In a bid to boost livestock farming in Nigeria, the Central Bank of Nigeria (CBN) has unveiled a University-based revival programme for the poultry sector by releasing the sum of N36 billion to poultry farmers.

According to CBN Deputy Governor, Economic Policy, Dr Okwu Nnanna, who represented the CBN Governor in a meeting, the objective of the programme is to produce chickens and eggs in order to reduce the importation as well as close the existing demand and supply gaps in the country.

If implemented and utilized well, the programme is expected to go a long way in facilitating poultry production. Specifically, it will provide the infrastructure that would support the sustainable production of poultry whilst reducing pressure for foreign exchange demand through import substitution by local poultry production. According to the CBN DG;

“We rely on the university-based poultry production model because you have the existing infrastructure, experience and human assets to enable production at reduced cost and in a competitive manner.

“Let me emphasise that we have structured this programme to ensure that they can be accessed by those who need them the most and are ready to operate their facilities in a commercially viable manner.

“This programme is directly in conformity with our resolve to diversify the economy, be a catalyst for job creation and inclusive economic growth.

“While these are our ultimate goals, our main intermediate objective is to ensure that poultry production is increased as well as end the smuggling of poultry products into Nigeria.”

This move by the CBN can be considered to be in line with the FG’s commitment to reviving the agricultural sector. Reports have suggested that the country’s economic recovery plan is solely based on six priority sectors: agriculture, manufacturing, and solid minerals, including iron, gold, and coal.

With this programme, jobs will be provided directly and indirectly and food smuggling and insecurity will be addressed.

Source: Nairametrics

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