Poultry farmers lament loss of N3trn investments to prevailing harsh economy

Poultry farmers from the Poultry Association of Nigeria (PAN), Lagos State chapter, revealed substantial losses exceeding N3 trillion in 2023, citing severe economic conditions. Chairman Mojeed Iyiola attributed the crisis to widespread closures of poultry farms nationwide, leading to significant revenue declines. Former chairman Lanre Bello added that the situation has resulted in extensive job losses and mounting debts for members, exacerbated by soaring egg prices ranging from N3,200 to N3,500 per crate. Source: The Guardian

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Poultry farmers from the Poultry Association of Nigeria (PAN), Lagos State chapter, have revealed significant challenges faced in 2023, estimating losses exceeding N3 trillion due to adverse economic conditions. Chairman Mojeed Iyiola attributed these losses to the tough economic climate, which led to numerous poultry farms closing down and a drastic decline in revenue across the sector.
Former chairman Lanre Bello emphasized the broader impact of these closures, including substantial job losses and increasing debts among association members. The soaring prices of eggs, now ranging from N3,200 to N3,500 per crate, further underscored the financial strain faced by poultry farmers amidst the economic pressures. This situation highlights the urgent need for supportive measures to stabilize the poultry industry, mitigate losses, and enable sustainable recovery for affected farmers.