Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has tasked Institutions in the country on additional income layer, creating jobs, practical experience for agricultural students.

CBN, Godwin Emefiele made the call at
the official commissioning of Unilorin GGMAX integrated commercial poultry farm at Amoyo Ifelodun local governments area of Kwara state

The CBN governor, who was represented by Mr Edwin Nzelu, Deputy Director and Secretary, Agricultural credit guarantees scheme fund
(ACGSF) who commissioned a 600 million naira poultry farm project of the University said “CBN introduced various Intervention Schemes focused on creating decent job, boosting poultry production fostering innovation in the poultry sub-sector and One of such schemes is the Tertiary Institutions Poultry Revival Scheme that was conceptualised specifically for Tertiary Institutions to design and implement viable poultry projects”

“Despite Nigeria being the largest producer of eggs and the second largest producer of chicken meat in Africa, demand gap for eggs and meat stands at and outstrips current supply by 1.2Million Metric Tonnes and 140,000Metric Tonnes for meat and eggs respectively.

“Over the years, this demand gap has driven the smuggling of unhealthy frozen chicken into the country. To close this gap, the Central Bank of Nigeria has introduced various Intervention Schemes focused on boosting poultry production, creating decent jobs, and fostering innovation in the poultry sub-sector. One of such schemes is the Tertiary Institutions Poultry Revival Scheme that was conceptualised specifically for Tertiary Institutions to design and implement viable poultry projects.

“Today we witness the commissioning of the first project to be funded and completed throught the Scheme. Certainly, the laudable objectives of the Scheme including improving the revenue of tertiary institutions, employment creation and enhancing research into poultry by tertiary institutions are already being realised” he added

The CBN Boss, however, tasked other similar institutions across the country to follow the University of Ilorin example.

In his speech, the Vice-chancellor of the University of Ilorin, professor Sulyman Age Abdulkareem who spoke on how the journey to the realization of the project began, extol the significance of the project in the history of the University said

The journey has been long and hard for us as a University. The university took a 600 million naira loan from the Central Bank of Nigeria, CBN, at a concessionary interest rate of 9% (5% for the first year) and a repayment period of 6 years, with a moratorium on the repayment of the principal for one year. Zenith Bank plc is the participating financial institution on the project.

“Accessing the loan required the University to set up a special purpose vehicle (SPV) for the project. The SPV is Unilorin Bizface synergy Limited, a limited liability company registered with the corporate affairs commission.

“To guarantee the loan, the University worked out an irrevocable standing payment (ISPO) with Zenith Bank plc, ensuring Zenith Bank was paid quarterly the amount due, according to the amortization.

The project which is placed on 30 hectares started in February in the year 2022 and was commissioned 21st July.

The VC, noted that “the farm has 6 fully built Broilers’ pens with a capacity, of 5,000 birds each and another two of similar capacity, under construction to raise the total installed capacity to 40,000 Broilers, four fully built layers pens currently housing 17,000 layers, though with an installed capacity of 33,000, a Feed mill with an installed capacity of 5tons/hours, a semi-automated Broiler processing unit (BPU) with a capacity to process 1,000 birds/day and a manure processing unit.

“On job creation, at the height of construction, the site had over 200 artisans earning their daily sustenance from it. Today the farm has 55 full time employees and has created space for student of the hosting institution to work on part time basis.

He added that the University is also developing 2,000 hectares of land for Maize and Soya beans cultivation for the exclusive use of the poultry farm

The vice-chancellor however lauded the project and thanked the steering committee led by the deputy vice-chancellor, research, technology and innovation Professor Mikhail Olayinka Buhari for the efforts put in place to make the project reality and subsequent overseeing of the project.

In his keynote address Olofa of Offa, HRM Oba Mufutau Muhammed Gbadamosi Ajagungbade Esuwoye II lauded the initiative.

“This initiative by the apex bank and the concerted efforts by our own ‘better by far’ University management, would no doubt improve the landscape for our farmers to thrive and improve significantly. I am confident this project will further compel our scholars to dive deeper into researching more sustainable ways to improve the value chain.

“Their scholarly inventions could prove to be the panacea to combat and defeat various challenges faced in delivering quality protein to Nigerians.


By joshua

Leave a Reply

Your email address will not be published.