FG to launch N10billion fund to boost egg production

January 10th, 2018

By Adelola Amihere

In an effort to upscale the production of eggs in the country, the federal Government through the Central Bank of Nigeria is set to launch a N10billion fund for the National Egg Production Scheme (NEPRO) in the country.

This was disclosed by the Minister of Agriculture and Rural Development , Chief Audu Ogbeh during a press conference held yesterday in Abuja to herald the launch of the scheme scheduled for Friday in Ondo state.

The target of the scheme is to achieve a daily production of 50million eggs over the next five years for the purpose of local consumption, export and processing into egg powder for use in confectioneries and pharmaceuticals

He pointed out that the figures released which showed that 4million jobs were lost in the last two years in the city last year, failed .to capture the additional 6million jobs which was also created inn the rural areas in the last two years as a result an increase in agricultural participation

He disclosed that the loan to be provided by CBN and disbursed by the Bank of Agriculture at a single digit interest rate of 9percent would be piloted in six states of Abia, Cross River, Onto,Kebbi, Kogi and Ondo.

Ogbeh explained that if the loan is approved by the CBN each farmer would get N4.2million each wherein after full payment of the loan at 30 months and each farmers would be self reliant with physical assets worth over N2.8million and cash assets of N1.68million.

The program would also develop local capacity for processing of minimum of 75percent of table eggs, produced shelf table egg based products such as egg powder.

Also speaking, Chairman of Tuns farm Chief Tunde Badmus who also serves as the anchor the programme revealed that this was the first tine poultry farmers received such support from government.

He said “the secondary aspect of the production is processing that is capable of crushing 200,000 eggs per hour. The factory is expected to take off in June this year because it is expected that the eggs would start coming out on that period ”

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