The Central Bank of Nigeria has released 12,55 billion Nigerian Naira (US$31 million) to boost egg and meat production and create more jobs for Nigerians.

Ezekiel Ibrahim, president of the Poultry Association of Nigeria, recently warned that Nigeria’s poultry industry might soon be forced to shut down if the government does not take urgent action to address the high cost of grains, among other challenges. The money released by the Central Bank of Nigeria is set to support small, medium and large poultry farmers in the country.

Up to 10 million jobs at risk

Feed costs have risen by more than 75% between March and November 2020, and the situation has put up to 10 million jobs at risk. However This Day reports that the director of the Development Finance Department at the Central Bank of Nigeria, Yila Yusuf, said between the last quarter of 2019 and November 2020, poultry farmers throughout the value chain had received a total of 12,55 billion (US$31 million) from various commercial banks and the NIRSAL Microfinance Bank.

He further noted that 639 poultry farmers had also received funds to the tune of ₦1,99 billion (US$4,8 million). Similarly, ₦1,59 billion (US$4 million) has also been disbursed to 898 poultry farmers nationwide to soften the impact of Covid-19 on their operations. Poultry World