CBN inaugurates N600m GGMAX poultry farm in Kwara State

By Tunde Akanbi, Ilorin

The Central Bank of Nigeria (CBN), in collaboration with the University of Ilorin, has inaugurated Unilorin GGMAX integrated commercial poultry farm funded under the CBN Tertiary Institution’s Poultry Revival Scheme (TIPRCS).

The Central Bank Of Nigeria (CBN),Governor Godwin Emefiele who was represented by the Director, Development Finance of the bank, Mr Ayila Yusuf said this in his welcome address at the official inauguration of University of Ilorin GgMAX Integrated Commercial Poultry Farm funded under the CBN Tertiary Institutions Poultry Revival Scheme(TIPRS).

He said that the country’s demand for eggs and meat is currently being outstripping it’s current supply by 1.2Million Metric Tonnes and 140,000Metric Tonnes for meat and eggs respectively, stressing that this deficit has driven the smuggling of unhealthy frozen chicken into the country.

“Over the years, this demand gap has driven the smuggling of unhealthy frozen chicken into the country” he added.

“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.” he said.

The Governor, however, noted that the CBN Tertiary Institutions Poultry Revival Scheme(TIPRS) which is a collaboration with several institutions, is targeted “at boosting poultry production, creating decent jobs, fostering innovation in the poultry sub sector.”

The #600m funding which was provided to UNILORIN through Zenith Bank at a single digit interest rate of 5% was expended on the construction of broiler and layers pen and cages; procurement of over 50,000 birds, feed milling equipment, processing machinery and other ancillary poultry amenities.

In his remarks, the Vice Chancellor of the University, Professor Sulyman Abdulkareem said that there will be a repayment period of six years with a moratorium on the repayment of the principal for one year.

Abdulkareem noted that the poultry farm was expected to contribute to food security in Nigeria.

He added that the multi-million Naira project would help to bridge the wide gap between the demand for poultry products and the supply caused largely by the ban on importation of poultry products.

The don said that the poultry farm would make university have a huge leap in its Internally Generated Revenue (IGR), “making money available for critical aspects of the university’s operations, especially in the areas of research and physical development. According to him, the University’s research efforts will also be boosted by the farm as it represents a veritable laboratory for the students and the staff. The students are also made to see first-hand the entrepreneurial side of what they are taught in the classroom, re-orientating them to a mind-set of creators of employment in the agribusiness sector as agripreneur as against that of the white-collar jobs-seeking graduates.”

Also speaking at the event, a first class monarch from Kwara South Senatorial District of the state, the Olofa of Offa, Oba Mufutau Gbadamosi commended the initiative of the apex bank and the concerted efforts of the University that brought the project to reality.

He said that,”From a nutritional point of view, chicken meat and eggs provide high-quality protein and important vitamins and minerals for healthy living. Likewise, the economic importance if harnessed properly, can contribute significantly to the GDP of our nation and ease off the pressure on oil revenue and consolidate the nation’s plan for economic diversification. “he added.