Naira, the Poultry Association of Nigeria (PAN) has expressed serious concern about the impending collapse of the country’s N12 trillion poultry industry. This dire situation is primarily attributed to the adverse effects of the Naira redesign policy and the soaring costs of essential raw materials, particularly Maize and Soybean. These factors have severely hampered poultry production, resulting in the closure of more than 30% of poultry farms and a significant reduction in the capacity of about 50% of remaining farms nationwide.
PAN has raised alarms over the potential loss of jobs for millions of Nigerians employed in the poultry industry, which could undermine efforts to combat food insecurity and boost the local economy. Additionally, the association highlighted the inability of poultry farmers to repay loans from banks meant for farm expansion, causing distress among both farmers and investors.
Furthermore, PAN expressed deep concern about the Central Bank of Nigeria’s decision to lift the ban on the importation of poultry products, which exacerbates fears among local farmers and investors and worsens the already declining production in the sector. The association urged the government to maintain restrictions on the importation of frozen poultry products and eggs to protect the domestic industry and the Nigerian economy as a whole, naira.
PAN also called on the government to collaborate with the association to ensure the availability of crucial raw materials like Maize and Soybean to revive failing farms. As the most capital-intensive sub-sector of the agricultural industry, the association requested immediate funding support to prevent the industry from collapsing and the country from becoming a dumping ground for foreign poultry products, which would lead to a rise in unemployment and job losses.
The association emphasized the need for the government to provide a clear explanation regarding the Central Bank’s decision to remove restrictions on forex allocation for poultry products and other items, as it could potentially erase the gains made by the poultry industry over the past two decades due to market deregulation.
Conclusion: Naira
PAN urged the Joint Tax Board to address the issue of multiple taxation on poultry production enterprises and products imposed by various state revenue boards or agencies. They suggested the possibility of eliminating unnecessary taxes on food by these agencies, emphasizing the roles of the Federal Ministry of Finance and the Federal Inland Revenue Service in resolving this matter, naira.
