CBN commissions N600m Unilorin poultry farm, considers 40 applications

The Central Bank of Nigeria (CBN) on Thursday commissioned the N600m University of Ilorin Poultry Farms aimed to bridge the egg and meat gap in the country. CBN is also considering the applications of “Over 40 tertiary institutions who have expressed interest in the Scheme through different commercial banks”. The farm is the first to […]

The Central Bank of Nigeria (CBN) on Thursday commissioned the N600m University of Ilorin Poultry Farms aimed to bridge the egg and meat gap in the country.

CBN is also considering the applications of “Over 40 tertiary institutions who have expressed interest in the Scheme through different commercial banks”.

The farm is the first to be commissioned by the apex bank in its poultry revival scheme programme for tertiary institutions to design and implement viable poultry projects.

Speaking during the event, CBN Governor, Godwin Emefiele, said the Nigerian poultry sub-sector is a trillion naira industry with huge potential for individuals and national socio-economic development.

He said with over 180million chickens under intensive, semi-intensive and extensive production systems, it provides affordable and broadly acceptable meat and eggs to meet the national protein needs.

According to him, “Despite being the largest egg producer and second largest producer of chicken meat in Africa, the demand gap for both outstrip current supply by 1.2m and 140,000 metric tonnes for meat and eggs respectively”.

He noted that the demand gap has driven the smuggling of unhealthy frozen chicken into the country over the years which prompted the CBN initiative.

Represented by Deputy Director and Secretary, Agricultural Credit Guarantees Scheme Fund of the bank, Mr Edwin Nzelu, the CBN governor said N0.6bn funding was provided through Zenith Bank at a single digit interest rate of 5% for Unilorin.

He said such deep and broad interest by Nigerian tertiary institutions will culminate in the sustainable development of the industry and enjoined other tertiary institutions to key into the scheme for additional revenue, job creation and practical experience for agriculture students.

In his remarks, Vice Chancellor, University of Ilorin, Prof Age Abdulkareem, said the poultry farm named GGMAX is a 30 hectare farm with a capacity to process 1,000 birds/day among others.