Agricorp invests N4bn into Poultry Production to close poultry deficit in Nigeria.

 
As part of efforts to harness the potential inherent in the nation’s agricultural sector Agricorp International, Nigeria’s fast growing agriculture producing, processing and export company has invested N4 billion into acquiring poultry production facilities across three states in Nigeria.
According to the Agricultural firm, the move will not only boost livestock production, it will also address the challenge of unemployment in the country.
Agricorp Chief Executive Officer, Mr. Kenneth Obiajulu, who made this known in a release made available to newsmen, said food production is a major challenge all over the world, and with rising population, the demand for food has made it imperative for countries to invest heavily in agriculture.
He explained that the investment of four billion naira in one hundred and forty two poultry pens across Kwara, Kogi and Nasarawa states will boost local poultry production by at least three million poultry birds per annum.
Since its launch in 2018, Agricorp has specialised in the production and processing of spices through which it has empowered over 5000 smallholder farmers and helped increase their income by about 20% while providing them with better market access to sell their farm produce. It is now ready to open an opportunity for more Nigerian youths to join the agricultural value chain by providing them with the requisite skills and capacity needed through ‘Project Eclipse 2025’, its poultry development program.
“With Project Eclipse 2025, Agricorp aims to invest over N20 billion in the production, processing and eventual export of poultry products, this investment is expected to provide direct and indirect employment for an estimated 100,000 Nigerian youths by 2025”.
He explained that it will also aid the promotion of sustainable economic growth for the country, reduce the pressure of importing poultry products and provide productive employment and decent work for youths, 50% of whom will be women.
“Having executed the pilot phase of its poultry program in Q3 2021, Agricorp achieved mortality rates of between 5-7 per cent across its various farm locations with an overall 100% off-take rate from its partners who are major stakeholders in the poultry processing value chain”.
Contributing, Co-Founder of the company, Mr. Wale Omotimirin, stated that the project would harness the energy and skills of young adults in the production of livestock for the teeming population.
“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”.
Mr. Omotimirin stated that by Q2 2022, Agricorp will commence the second phase of deploying additional resources to hit two times our current capacity, as they are taking on the mandate to help improve the economy the best way we know how to – through agriculture”.
According to a 2019 report by the Central Bank of Nigeria, it was estimated that over 1.2 million MT of poultry meat is smuggled into Nigeria from Benin Republic. This opens a huge gap in the poultry market and Agricorp is ready to help close up this gap.
Agricorp recently raised $17.5m from equity investors in its series “A funding round” to become the largest spices export startup in Africa. It is building processes to enhance global food systems.