November 30, 2021
Nigerian company ventures into poultry production with US$9.7 million investment
Agriculture producing, processing and export company, Agricorp International, has invested N4 billion (~US$9.7 million; N1=US$0.0024) in acquiring poultry production facilities across three states in Nigeria.
The company says it wants to contribute to reducing the poultry meat deficit in Nigeria. According to a 2019 report by the Central Bank of Nigeria, it was estimated that over 1.2 million tonnes of poultry meat is smuggled into Nigeria from Benin Republic.
Through its poultry development programme "Project Eclipse 2025", Agricorp is preparing for more Nigerian youths to join the agricultural value chain by providing them with the necessary skills and capacity.
The project aims to invest over N20 billion (~US$48 million) in the production, processing and export of poultry products. This investment is expected to provide direct and indirect employment for an estimated 100,000 Nigerian youths by 2025. It will also aid the promotion of sustainable economic growth for the country and reduce the reliance on importing poultry products.
Kenneth Obiajulu, Agricorp's co-founder and CEO, says: "The rising inflation rate in food and agricultural produce poses a challenge that stares us in the face. Our dependence on imported food items also contributes to the pressure on foreign exchange. Investing N4 billion in 142 poultry pens across Kwara, Kogi and Nasarawa states will boost local poultry production by at least three million poultry birds per annum. At kickoff, the project will create a minimum of 1,500 jobs and contribute slightly to easing the pressure on foreign exchange caused by the importation of poultry into the country".
Co-founder Wale Omotimirin says: "This is a massive project for the business. We have an ambitious goal to produce 40 million poultry birds by 2025, which will represent approximately 4% of the projected annual demand. We have demonstrated good faith by making our first commitment and investment. By Q2 2022, we will commence the second phase of deploying additional resources to hit two times our current capacity."
By 2025, Agricorp will be building over 1,000 poultry pens with a projected capacity of 10,000 birds each.