Economy diversification: Emefiele, Akeredolu to inaugurate N300bn poultry

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By Kayode Tokede

As part of efforts to further diversify the Nigerian economy, the] Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and the Ondo State Governor, Mr. Rotimi Akeredolu, will jointly inaugurate a new poultry put at an estimated value of N300 billion.

The new Egg Powder Plant in Emure-Ile, near Owo, Ondo State, is the largest in Africa and the Middle-East, which is established through a Public Private Partnership (PPP) arrangement between the Ondo State Government and Greenfield Assets Limited.

The Acting Director, Corporate Communications at the CBN, Isaac Okorafor, disclosed this on Tuesday, explaining that Greenfield Assets Limited, under the PPP arrangement, had commenced the utilization of 150 Hectares of land for the establishment of 10 million broilers per annum farm with a 4,000 birds per hour meat processing plant; a 600,000 layers farm for the production 100 million eggs per annum; two 20 tons per hour Feed-mill and a 500,000 Eggs per day Egg Powder Plant.

According to him, the plant would create about 25,000 jobs, earn the country over $1 billion in foreign exchange savings and boost increased incomes for poultry farmers in Nigeria.

The chief executive officer of Greenfield Asset Limited, Dr Paul Obanua, who mobilized the investors, said the poultry comprised of approximately 220 million birds that produced over 770,000 MT of eggs and 340,000 MT of poultry meat in 2017.

According to Agriculture Nigeria, Food processing industries in West Africa spend over $2 billion annually in imports of egg and milk powder products. Nigeria is said to spend $1billion annually in Egg Powder imports alone.

The project with a capital requirement of N28,369,276,360 to be invested in capital equipment and working capital, will see Big Dutchman International providing technical and operational management of the project. Other parties to the project are Marel Food Processing Company BV, a leading global provider of advanced processing systems and services to the Poultry, Meat and Fish industries, and Actini SAS.