Nigeria’s Poultry Business Worth Hits N1.6trn-CBN

The Central Bank of Nigeria (CBN) on Monday says the poultry sub-sector is the most commercialised of all the country’s agricultural sub-sectors with a current net worth of N1.6 trillion.

CBN Governor Godwin Emefiele, stated this at a meeting with vice-chancellors of universities on the University-Based Poultry Revival Programme in Abuja.

Emefiele, represented by the CBN deputy governor on economic policy, Okwu Nnanna, said the sub-sector contributes about 25% of agricultural GDP to the Nation’s economy.

He said that the population of chickens was about 165 million in the country  which produce approximately 650,000 metric tonnes and 300,00MT of eggs and meat altogether.

He added that, the demand situation is estimated at over 200 million birds, while the demand for eggs and meat are about 790,000MT and 1,500,000MT, leaving a huge demand gap which, unfortunately, is met through smuggling.

According to him ,“Production costs are generally high due to lack of an integrated and automated industrial poultry sector. Poultry producers lack reliable access to inputs including chicks and feed as well as high costs of veterinary services.

“More importantly, is the problem of lack of access to low cost, long-tenured finance, which though is not peculiar to the industry but even others, and will be resolved.

“In spite of these constraints, there remains a huge potential for the industry in Nigeria. The demand for poultry products is expanding as a result of population growth.”

Emefiele said , the Nigeria population is projected at 400 million by 2050 and 280 million are projected to live in the cities, significantly increasing the demand for poultry products.

“Also, per capita consumption of chicken is still very low at 2.5kg in Nigeria, when compared to Brazil and South Africa at 30kg and 40kg,” he said.

“The per capita consumption of eggs in Nigeria is 60 eggs per annum compared to 250 to 300 eggs per annum in most advanced countries.”

The CBN Governor noted  that the school feeding programme of the present administration also remained a huge potential yet to be fully tapped saying that the poultry represented an important source of high-quality animal protein.

According to him, “In order to address this gap and unlock the potential of Nigerian poultry producers, the CBN has initiated a programme to boost poultry production in Nigeria and various institutions have been selected as part of the pilot team to run a University-based Poultry Revival Programme.

The apex bank boss said the initiative will produce chicken meat and egg to reduce importation and close the existing demand and supply gap as well as to raise a new crop of agropreneurs in modern poultry production.

“This project will also provide the infrastructure that will support the sustainable production of poultry; reduce pressure for foreign exchange demand through import substitution by local poultry production,’’ said Emefiele.