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June 17, 2024

PAN Cries Out Over Challenging Economic Policies Crippling Poultry Industry

The Nigerian poultry industry has been adversely affected by the challenging economic policies that are currently crippling businesses in Nigeria, Poultry Association of Nigeria (PAN) has said.

Speaking during an interview in Lagos State, the Chairman, PAN, Lagos chapter, Mojeed Iyiola, lamented that over 50% of farms have shut down operations due to the negative consequences of the prevailing economic challenges facing the sector.

According to him, poultry farmers who are still in business are unable to meet the growing demand for poultry produce by their customers across the region due to the shortage of poultry farmers.

“Most poultry farms in the country closed down last year due to difficulties faced in the sector.

“We are currently unable to meet up the demands of eggs due to the shortage of poultry farms. Presently, we have a very low supply of eggs with growing demands.

“This is because nothing less than 50% of poultry farms around the country have shut down,” Iyiola said.

However, a significant factor which has led to the increase in the cost of production materials in the sector is the rise in maize prices- a major ingredient in poultry feed production.

Last year, the group revealed the poultry industry lost approximately ₦200 billion to the currency design policy of the Central Bank of Nigeria (CBN).

The media reported that the CBN policy led to the destruction of eggs, spoilage of frozen chickens, hindrance in selling products, and the unavailability of new naira notes for transactions.

The group also said it lost over ₦5 billion and more than 127 poultry farms, shut down operations due to the economic hardship caused by fuel subsidy removal.

Speaking further, Iyiola said there would be a positive change in the sector if the government intervened by subsidising feed inputs.

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