The Poultry Association of Nigeria (PAN) has expressed dismay over the recent currency design policy of the Central Bank of Nigeria (CBN), estimating that it has cost the Poultry industry approximately N200 billion.
PAN reported that the policy resulted in the destruction of eggs, spoilage of frozen chickens, hindrance in selling products, and the unavailability of the new naira notes for transactions.
During the second edition of the Poultry Summit in Abuja, themed “Poultry Production, A Foundation for Food Security and National Development,” the National President of PAN, Sunday Ezeobiora, highlighted the challenges faced by the sector. The summit aimed to assess the sector’s contributions to food and nutrition security and its economic impacts over the past 20 years.
Ezeobiora attributed setbacks to recent developments such as the removal of petroleum subsidies, the floating of the naira, and the unclear policy stance on whether poultry products have been liberalized for importation following the CBN’s announcement.
He further suggested that borrowing from the recently established National Agricultural Development Fund (NADF) should be made more flexible, with an interest rate not exceeding 4 percent for farmers.
Ezeobiora emphasized, “The country was once bedeviled with the Central Bank of Nigeria currency redesign policy, which saw poultry farmers unable to obtain the new Naira notes to purchase raw materials. Additionally, farmers were unable to sell their products like eggs and chickens. This situation resulted in the destruction of eggs and rotten frozen chickens, exceeding over N200 billion, without support or compensation from the government or otherwise.”
He concluded by advising the government to immediately halt the export of Soya-beans and maize from the country to mitigate further challenges in poultry production.
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