Poultry farmers in Nigeria have stated that more than half of their farms have closed due to the industry’s numerous economic issues.
According to him, poultry farmers who are still in business are unable to supply the region’s expanding demand for chicken produce due to a lack of poultry farmers.
“Due to industry challenges, the majority of the country’s chicken farms closed last year.
“We are now unable to meet the demand for eggs due to a lack of chicken farms. We now have a very low quantity of eggs due to rising demand.
“This is because nothing less than 50% of poultry farms around the country have shut down,” Iyiola stated in a statement.
The tough economic policies that are currently affecting the Nigerian business space have had a negative impact on the Nigerian poultry industry.
The rise in maize prices, a key element in chicken feed manufacturing, has contributed significantly to an increase in the cost of production materials in the sector.
Last year, the group revealed the poultry business lost around ₦200 billion due to the Central Bank of Nigeria’s (CBN) currency design strategy.
According to PAN, the CBN strategy resulted in the destruction of eggs, the spoiling of frozen chickens, difficulties in selling products, and the lack of new naira notes for transactions.
The group reported losing over ₦5 billion and closing over 127 chicken farms due to economic difficulty induced by the loss of fuel subsidies.
Iyiola went on to say that if the government interfered and subsidized feed inputs, the sector would improve.
