CBN Commits N10bn To Poultry To Drive 50m Daily Egg Production
The Central Bank of Nigeria has committed N10 billion intervention to the National Egg Production Scheme (NEGPRO) which is focused on developing the poultry sector and driving daily production of 50 million daily production.
On the heels of this intervention, the scheme 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, Bauch and Abia State.
Recall 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 LTD to develop the National Egg Production (NEGPRO) Scheme.
Audu Ogbeh, Nigeria’s Minister of Agriculture informed newsmen on Tuesday in Abuja that the NEGPRO is aimed at aimed at strengthening the egg production, processing and utilisation capacity in the country.
He adds that 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.
According to the Minister, the scheme targets one million jobs nationwide through egg production, processing and marketing.
He adds that the target is to drive attainment of daily production of 50 million table eggs nationwide at full implementation.
Further findings reveal 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% 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 the Central Bank of Nigeria said the apex bank would be more determined to support initiative that ensures the federal government saves foreign exchange through supporting local production.