Home Heritage Poultry, Livestock Farmers Lament High Interest Rates on Bank Loans

Poultry, Livestock Farmers Lament High Interest Rates on Bank Loans

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…Hold summit Ibadan
By Bode Akinbode, Ibadan
The high interest rates charged on loans by commercial banks in Nigeria for agric financing and the dearth in the number of investors in the poultry and livestock production in the country,  has been a source of concern to stakeholders in the West Africa sub-region.
In an interview with newsmen, a consultant in the industry and CEO, Global Wyse Ltd. Ibadan, Dr Segun Makanjuola, a partner with the Nigeria International Poultry and Livestock Exposition, said fund unavailability has been one of the major challenges which made investors to source for loans from banks.
”All over the world, government takes interest in agriculture especially poultry and livestock and they subsidise a lot of things. We don’t  have that privilege here in Nigeria. Most of us are sourcing for loans at high interest rates, normally, we are soliciting for a single digit.
“Though the present government keeps making a lot of noise that they are doing this or that  but is not dovetailing to practitioners . Poultry farmers are not enjoying these things,” he said.
He further highlighted other challenges to include; inadequate pure line of day old chicks and livestock leading to its importation and feed inputs especially, poultry feeds and soya which has led to increase in cost of production.
“We need about two million tons of maize and Nigeria is planting less than a million a year and we have resorted to importation of poultry feeds like maize and soya. We need to grow the quantity we need to bring down the prices,” he stated.
Makanjuola, however, used the medium to appeal to professionals in  the agric sectors to be liberal in their consultancy fees in order to encourage more interested investors.
As a step towards addressing these challenges, over 100 poultry and livestock farmers from within and outside Nigeria are expected to converge on Ibadan, the Oyo State capital for the third edition of the Nigeria International Poultry And Livestock Exposition tagged: ‘NIPOLI EXPO 2019’.
The event, which is organised in cojuntion with the Poultry Association Of Nigeria (PAN) and All Farmers Association of Nigeria (AFAN), will hold at the International Conference Centre, University Of Ibadan, Oyo State,  between April 3 and 5, 2019.
Themed: “Innovative for Sustainable and Resilient Livestock SMEs Development in Nigeria,” the exhibition is West Africa’s largest poultry and livestock exhibition and conference.
Addressing newsmen on the Programme, Mr. Yekeen Kazeem of Cooman Events Management Services said attendance is free for farmers, Agro SMEs and Agriprenuer and discussion during the Conference would center on Agro financing and investment opportunities for farmers as well as  future opportunities in the  Nigerian  livestock industry.
According to him, experts from financial institutions in the country would be on ground to enlighten participants on how to access loans to boost their farm businesses as well as willing investors in the sector.
“Having experienced successful first and second editions in 2017 and 2018 respectively, NIPOLI EXPO has become largest poultry and livestock exhibition in West Africa and approved event by relevant government departments, associations and NGO’s.
“NIPOLI EXPO has become well tailored Business-2-Business Avenue for  the agricultural sector in Nigeria. During this edition, the organisers  will be introduced to the Hosted Buyers Programme and Agro Finance  and Investment Summit to benefit participants,” Kazeem explained.

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