CBN releases N12.5bn to boost poultry sector
The Central Bank of Nigeria (CBN) has released the sum of N12.55 billion to poultry farmers in the country as part of its strategy to boost egg and meat production as well as create more jobs in the country. Data obtained from the apex bank said the releases happened between the last quarter of 2019 […]
The Central Bank of Nigeria (CBN) has released the sum of N12.55 billion to poultry farmers in the country as part of its strategy to boost egg and meat production as well as create more jobs in the country.
Data obtained from the apex bank said the releases happened between the last quarter of 2019 and November 2020.
Confirming this, the Director, Development Finance Department at the Bank, Mr. Phillip Yila Yusuf, said the disbursement of funds to farmers was an on-going process as more farmers are being shortlisted for the loan.
He said additional funds would be disbursed to poultry farmers before the end of 2020.
The CBN data showed that within the period, farmers in the poultry value chain in the country received a total sum of N12.55 billion from various commercial banks and the NIRSAL Microfinance Bank.
The CBN noted that 639 poultry farmers who applied through the regular AGSMEIS window had also received funds as Autonomous Poultry farmers, through NIRSAL MFB, amounting to N1.996 billion.
Similarly, the sum of N1.59 billion has been disbursed to 898 poultry farmers across the country to ameliorate the impact of COVID-19 on their operations.