New CBN Forex Policy Threatens N12trn Poultry Industry

The over N12 trillion, including 20 million jobs created in Nigeria’s poultry industry, is facing collapse following the new forex policy and the lift in the ban on imported poultry and processed poultry products by the Central Bank of Nigeria .

A statement issued by the director-general of PAN, Onallo Akpa, and the national president, Sunday Ezeobiora, in Abuja, noted that the recent announcement by the CBN has heightened the fears of the farmers and investors in the poultry industry and compounded the already collapsing production in the sector.

The association furthers lamented that the CBN’s new forex will make Nigeria revert to the pre-year 2000 when it was completely a dumping ground for all sorts of imported poultry products. They also called for a clear narrative on the removal of restrictions on forex allocation for poultry products, critical examination of multiple taxation on poultry production enterprises and products, as well as strengthening of synergy and fiscal incentives for strong consultation and collaboration among government agencies and stakeholders.

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FOREX volatility: Business community, all citizens need to be patienceChairman of BUA Group, Alhaji Abdulsamad Rabiu, on Tuesday appealed to the business community, as well as private Nigerians to exercise more patience with the Bola Tinubu-led administration as it works to achieve stability in the foreign exchange market.
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