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Poultry association suffers N6 billion loss over fuel subsidy removal and other factors



Poultry 2

The Poultry Association of Nigeria’s (PAN) FCT Chapter has reported a loss of N6 billion over CBN’s cashless policy, fuel subsidy removal, and various other factors.

Hon. Musa Hakeem, the Secretary PAN FCT, made this announcement in Abuja on Friday as part of the World Egg Day commemoration.

He pointed out that additional factors leading to the loss encompassed foreign exchange fluctuations and the restrictions on maize and soybean imports.

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

Moreover, he emphasized that the elimination of fuel subsidies had significantly hindered the transportation of poultry and poultry products between locations.

While expressing his appreciation for the Minister of FCT, he emphasized the need for the administration to intervene and aid farmers in reducing the growing unemployment rate and tackling the existing security challenges that afflict the nation.

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

Additionally, he urged President Bola Tinubu to step in and reverse the ongoing decline, rescuing the industry from imminent collapse.