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June 21, 2024

Poultry Farmers Lament N3trn Worth of Investments Lost to Economic Crisis in 2023

The Poultry Association of Nigeria (PAN) reported a collective loss exceeding N3 trillion in investments in 2023 due to the prevalent economic crises in the country. 

The Chairman of the Lagos State chapter of the Poultry Association of Nigeria (PAN), Mojeed Iyiola, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos on Monday.

According to Iyiola, the challenging economic conditions in Nigeria have compelled a majority of PAN’s members to quit the business. 

He said the association incurred a loss of N3 trillion in 2023 due to the widespread closure of poultry farms by a majority of its members who struggled to meet their financial obligations, leading to the inability to sustain their businesses.

His words: “Since the closure of about 50% of poultry farms across the country, the sector has lost over N3 trillion.

“This is because, in each state, we are losing N6 billion; so, rounding it off, we have lost trillions of Naira across all value chains of the poultry sector.

“We just want to continue to urge our members not to quit the industry despite the difficulties being faced.”

In his own remarks, the former PAN Lagos State chapter Chairman, Mr. Lanre Bello said there are significant consequences of widespread poultry farm closures, emphasizing the extensive job losses and financial debts incurred by members.

According to Bello, there is  the need to support poultry farmers as the sector plays a crucial role in providing affordable protein.

The former PAN Lagos State chapter Chairman then stressed the vital role of poultry products, particularly eggs, in human nutrition, especially for children, expressing concern about potential consequences like stunted growth due to diminishing protein in diets.

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