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‘Interest rate affecting poultry biz’

 The National President, Poultry Association of Nigeria (PAN), Dr Ayoola Oduntan, has raised the alarm that the 27 per cent interest rate being charged by…

 The National President, Poultry Association of Nigeria (PAN), Dr Ayoola Oduntan, has raised the alarm that the 27 per cent interest rate being charged by banks on loans is affecting poultry business.

Oduntan raised the alarm at the 2017 World Poultry Summit held in Lagos in a paper titled “Policy, Science and Commerce to optimize the poultry industry.”

According to him, the fact that banks require payment of 27 per cent on loans collected by farmers is enough to discourage entrepreneurs and active poultry farmers from the business.

The PAN President also lamented that the industry was also being confronted with a number of other challenges such as sourcing for raw materials, access to foreign exchange and cost of production among others.

Oduntan said that the situation was made worse by lack of patronage and unending smuggling of poultry products.

Also, the National President of World’s Poultry Science Association (WPSA), Prof Adeyinka Odunsi, said whereas there were ongoing studies on alternative feeding, government must also do something about the interest rate.

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