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Naira Crisis Threatens Nigeria's Poultry Industry
The Poultry Association of Nigeria (PAN) has sounded the alarm over the precarious state of the country's robust N12 trillion poultry industry. The recent crises stemming from the Naira's redesign have severely impacted the cost of essential raw materials, such as maize and soybean, leading to a disturbing decline in poultry production. Alarmingly, over 30% of poultry farms are at risk of closure, with many others downsizing operations by nearly 50%.
Potential Economic Fallout
PAN's concerns extend beyond the immediate threat to poultry production. With millions of Nigerians employed in the sector, job security is increasingly jeopardized. The repercussions of inaction aren't just confined to poultry farmers; they extend to the broader Nigerian economy, compounding existing food insecurity issues. As farmers struggle to repay loans for farm expansions, confusion reigns among investors who depend on stable market conditions.
Import Policy Concerns
The lifting of the ban on poultry product imports by the Central Bank of Nigeria (CBN) has intensified fears within the poultry community. PAN argues that reintroducing imported goods threatens to obliterate the progress made over the past two decades in fostering local production. As a preventive measure, they call for the government to uphold current import restrictions to protect local farmers from being outcompeted.
Call for Urgent Action
To mitigate these challenges, PAN has urged the Nigerian government to collaborate with them in ensuring the availability of critical raw materials like maize and soybean. Additionally, they are advocating for immediate funding support to revitalize the ailing industry. Without solid governmental action, PAN warns that the collapse of the poultry industry could lead Nigeria to become a dumping ground for inferior imported poultry products, drastically increasing unemployment across the nation.
Conclusion
The future of Nigeria's poultry sector hinges on decisive actions taken today. As industry professionals, it is imperative to stay informed and advocate for necessary changes to reverse these troubling trends. The health of the poultry industry directly impacts the livelihoods of millions. Together, efforts must be made to navigate through these turbulent times.
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