Poultry Farmers disclosed staggering collective losses exceeding N3 trillion faced across Nigeria in 2023
Economic challenges have forced majority of PAN members to exit the business, leading to widespread closure of poultry farms.
Iyiola emphasized the grim economic conditions, revealing the sector’s loss of over N3 trillion since the closure of approximately 50% of poultry farms nationwide.
Each state reports a loss of N6 billion, culminating in trillions of Naira lost across all value chains of the poultry sector.
Former PAN Lagos State chapter Chairman, Mr. Lanre Bello, underscored the severe consequences of widespread closures, citing extensive job losses and financial debts incurred by members.
Bello stressed the vital role of the poultry sector in providing affordable protein, particularly emphasizing the nutritional importance of poultry products, such as eggs, in human diets.
The Poultry Association of Nigeria (PAN) previously reported that over 50% of its farmers closed shop in 2023. The closure was attributed to increased production costs, primarily driven by a surge in maize prices, a crucial ingredient in poultry feed production.
According to the National Bureau of Statistics (NBS) price index for December 2023, the cost of chicken feed witnessed an 81.71% increase between December 2022 and December 2023. Additionally, the NBS report highlighted a 52.09% rise in the price of medium agric eggs during the same period.
The dire situation calls for support to poultry farmers, recognizing the sector’s pivotal role in ensuring the availability of affordable protein amid economic challenges.