Poultry association loses N6bn to fuel subsidy removal, cash crunch


October 14, 2023.

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Azonuchechi Chukwu.

Poultry Association of Nigeria (PAN) FCT Chapter says it has lost over N6 billion due to cash crunch resulting from the CBN cashless policy, subsidy removal on fuel and other factors.

The Secretary PAN FCT, Hon. Musa Hakeem, said this on Friday in Abuja at the commemoration of the World Egg Day.

He noted that other factors contributed to the loss included forex and ban on importation of maize and soybeans.

World Egg Day is commemorated annually on second Friday of October and the theme for 2023 is “Egg for a healthy future”.

Hakeem listed other challenged bedeviling the industry as high rate of diseases, lack of access to credit facilities, high cost of feed and poor quality chicks.

He said that other challenges were cost of veterinary services, lack of technical knowledge, high mortality rate among others.

He noted that the challenge had led to astronomical increase in poultry feed resulting to closure of no fewer than 127 poultry farms in FCT and reduction in the purchasing power of the consumers.

Hakeem, specifically noted that the removal of subsidy on fuel had made movement of poultry and poultry products from one destination to the other very difficult.

While commending the minister of FCT, he, however called on the administration to come to the aid of farmers to reverse increase in unemployment rate and security challenge currently bedeviling the country.

Hakeem said the industry was the largest employer of labour, urging the minister to harness the inherent potentials in the industry and protect the investment in order to attract more investors.

He further called on the interventions of President Bola Tinubu to reverse the current trend and save the industry from total collapse.

“We call on the Minister of Humanitarian Affairs and Poverty Alleviation to carry PAN along in the ministry’s ‘Home Grown School Feeding programme in area of egg supply.

” This collaboration will create wealth and employment along supply chain, “he said.

Hakeem says “World Egg Day is an opportunity to make everyone aware that eggs are excellent, cheapest sources of high quality nutrient.

“Egg has socio-economic roles which include means of livelihood, achieving a certain level of economic independence, meeting human needs for dietary animal protein supply.

“It also enhanced investment and security against risks for small scale poultry farmers”.

According to him, an egg is one of the most environmentally sustainable and cost-effective animal-source proteins available.

Also, Durojaiye Okodu, Chief Executive Officer, First Agro-Delight Nigeria, said egg was the cheapest source of protein and vitamins

Okodu said if egg was properly harness it would help in nations building through children development.

“An egg a day makes a different in families.”

Present at the commemoration were Ibrahim Lamidi, Ex Official PAN North Central and Abdullahi Abduljabar member of PAN. NAN

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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