Benefits Of CBN/Unilorin N600 Million GGMAX Poultry Farm
… to halt smuggling of unhealthy frozen chickens
The collaboration between the Central Bank of Nigeria (CBN) and the University of Ilorin which has led to the birth of a N600 million GGMAX Integrated commercial poultry farm commissioned on Thursday, is expected to generate hundreds of jobs, improve revenue, and also lead to on-hand practical experience for both students and members of the University community
The project is part of those facilities that will provide the over 180million chickens under intensive, semi-intensive and extensive production systems, that would provide affordable and broadly acceptable meat and eggs to meet our national protein needs.
The Central Bank of Nigeria (CBN) supported programme is funded under the CBN Tertiary Institution’s Poultry Revival Scheme (TIPRCS).
Speaking at the official commissioning of the ultra modern poultry located at Amoyo community, Ifelodun local government area of Kwara State, the CBN Governor, Godwin Emefiele posits that the Nigerian Poultry sub-sector is a trillion naira industry with huge potential for individuals and national socio-economic development.
The CBN governor, Emefiele who was represented at the event by Edwin Nzelu, Deputy Director and Secretary to ACGSF from finance department, Agricultural credit guarantees scheme fund, noted that Nigeria, inspite of being the largest producer of eggs and the second largest producer of chicken meat in Africa, demand gap for eggs and meat stands at and outstrips current supply by 1.2Million Metric Tonnes and 140,000Metric Tonnes for meat and eggs respectively.
“Over the years, this demand gap has driven the smuggling of unhealthy frozen chicken into the country. To close this gap, the Central Bank of Nigeria has introduced various Intervention Schemes focused on boosting poultry production, creating decent jobs, fostering innovation in the poultry sub sector.
“One of such schemes is the Tertiary Institutions Poultry Revival Scheme that was conceptualized specifically for Tertiary Institutions to design and implement viable poultry projects.
“Today we witness the commissioning of the first project to be funded and completed through the Scheme.
“It is certain that the laudable objectives of the Scheme including improving the revenue of tertiary institutions, employment creation and enhancing research into poultry by tertiary institutions are already being realiszed.
“The 0.6billion funding provided through Zenith Bank at a single digit interest rate of 5% has led to the construction of broiler and layers pen and cages; procurement of over 50,000.00 birds, feed milling equipment, processing machinery and other ancillary poultry amenities.
“Presently, over 40 tertiary institutions have expressed interest in the Scheme through different commercial banks to implement various projects.
“Such deep and broad interest by Nigerian Tertiary Institutions will definitely culminate in sustainable development of the Nigerian Poultry industry, I enjoin other tertiary institutions to key into the scheme in order at the broad-based benefits are realized for all.
“This event is expected to encourage other similar institutions across the country to follow the University of Ilorin example which no doubt will create jobs, practical experience for agriculture students and additional income layer for institutions.”
Earlier, Sulyman Age Adulkareem, a professor of Engineering and the Vice Chancellor of University of Ilorin, pointed out that the establishment of the farm was a vision of the Governor of CBN Godwin Emefiele.
“The journey has been long and hard for us as a university. The university took a N600m loan from the CBN at a concessionary interest rate of 9% (5% for the first one year) and a repayment period of six years, with a moratorium on the repayment of the principal for one year.
“Zenith Bank PLC is the Participating Financial Institution (PFI) on this project. Accessing the loan required the university to set up a Special Purpose Vehicle (SPV) for the project. The SPV is Unilorin Bizface synergy Limited a Limited Liability Company registered with the Corporate Affairs Commission
Also speaking at the event, the Kwara State Governor, Abdulrahman Abdulrazaq, represented by the commissioner for communication, towoju olabode commended the university for the giant stride, saying the state government will continue to provide conducive environment for business to trive.
Olabode appreciated the CBN for the support as he expressed hope that the company will improve food security in the state and the country at large.
In his goodwill message, the ollofa of offa , His Royal Majesty, Oba Mufutau Muhammed Gbadamosi Ajagungbade Esuwoye II said the project came at the time the nation need proper investment in agriculture. He salutes the courage of the vice chancellor for the initiative.