The Sun News

Poultry sector gets CBN’s N10bn intervention

…FG targets 50m daily egg production

From Magnus Eze, Abuja

The National Egg Production Scheme (NEGPRO) which targets 50 million daily egg production has attracted N10 billion intervention from the Central Bank of Nigeria (CBN).

The programme aimed at developing the poultry sector would be piloted in six states selected from six-geopolitical zones on their comparative advantage and readiness to key into the scheme.

The beneficiary states include Ondo, Kebbi, Kogi, Cross River, Bauchi and Abia.

Minister of Agriculture and Rural Development, Chief Audi Ogbeh told  newsmen in Abuja, yesterday, that NEGPRO  would strengthen the nation’s  egg production, processing and utilisation capacity.

According to him, the overall objective of the scheme is to promote self-sufficiency in egg production and also develop the poultry value chains across the 36 states including the Federal Capital Territory.

He said the scheme targets one million jobs nationwide through egg production, processing and marketing, adding that the target is  to drive attainment of daily production of 50 million table eggs nationwide at full implementation.

Further findings revealed that after full repayment of the loan at 30 months, each farmer who gets the loan  will be self-reliant in their business with physical assets worth over N2.8 million and cash assets of about N1.68 million.

Also, the targets in increasing the egg production is geared towards  the creation of a solid raw material base for the development of secondary egg processing industry to complete the value chain; develop local capacity for processing of minimum of 75 per cent  of table eggs produced into shelf stable egg based products like the egg  powder.

In her remarks, Mavis Fateh, who represented the Director of Development Financing in CBN said the apex bank would be more determined to support initiative that ensures the federal government saves foreign exchange through supporting local production. Daily Sun gathered that the scheme was initiated in June 2016, when the Federal Ministry of Agriculture and Rural Development signed a Memorandum of Understanding (MoU) with TUNS Farms Limited to develop the NEGPRO.

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