Thursday, September 29, 2022

CBN releases N12.5bn to poultry farmers

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Maryam Hassan
Maryam Hassan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or, or @McRamalan on Twitter.
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As part of its strategy to boost egg and meat production in Nigeria, the Central Bank of Nigeria, CBN, has released the sum of N12.55 billion to poultry farmers between the last quarter of 2019 and November 2020.

The Director, Development Finance Department of the Bank, Phillip Yusuf, while confirming the development to Daily Trust, said the disbursement of the funds was an on-going process, adding that more farmers are being shortlisted for the loan.

According to him, 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.

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The CBN noted that 639 poultry farmers that applied through the regular AGSMEIS window had also received funds as Autonomous Poultry farmers, through NIRSAL MFB, to the tune of 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.

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