Poultry farmers in Nigeria confronted severe economic challenges in 2023, leading to a collective loss exceeding N3 trillion in investments, according to Mojeed Iyiola, the Chairman of the Lagos State chapter of the Poultry Association of Nigeria (PAN). In a recent interview in Lagos, Iyiola shed light on the adverse impact of economic difficulties on the poultry sector, resulting in a significant number of PAN members exiting the industry.
The economic strain, coupled with widespread closures of poultry farms, has created an alarming situation for poultry farmers. Iyiola underscored the financial toll on PAN members, emphasizing an accumulated loss of N3 trillion in 2023 alone. The closure of approximately 50 per cent of poultry farms across the nation contributed to losses amounting to trillions of Naira throughout various segments of the poultry sector.
“Since the closure of about 50 per cent of poultry farms across the country, the sector has lost over N3 trillion. This is because, in each state, we are losing N6 billion; so, rounding it off, we have lost trillions of Naira across all value chains of the poultry sector,” stated Iyiola, while urging PAN members to persevere through the challenging times.
Former PAN Lagos State chapter chairman, Mr. Lanre Bello, added insights into the widespread ramifications of poultry farm closures. He emphasized the consequential impact on employment, with extensive job losses and financial burdens incurred by affected PAN members. Bello highlighted the critical role of poultry products, particularly eggs, in human nutrition, expressing concern about potential health repercussions such as stunted growth due to a decrease in protein intake in diets.
More than 50 per cent PAN members closed operations in 2023. The closures were attributed to increased production costs stemming from the rise in maize prices, a fundamental ingredient in poultry feed production.
The NBS price index for December 2023 indicated an 81.71 per cent increase in the price of chicken feed between December 2022 and December 2023. Furthermore, the price of medium agric eggs surged by 52.09 per cent during the same period, according to the NBS report.
