Agricorp Invests N4bn to Close Nigeria’s Poultry Production Deficit

Oluchi Chibuzor
Agricorp International, one of Nigeria’s fast growing agriculture producing, processing and export companies has said it invested N4 billion into acquiring poultry production facilities across three states in the country.

The move, according to the firm, would see the company deepen its portfolio in the value chain to include livestock production, processing and eventual export while providing employment and contributing to reducing the poultry meat deficit in Nigeria.
According to Agricorp’s Co-Founder and CEO, Kenneth Obiajulu, “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 3 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,” he said.

Meanwhile, the firm noted that 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 percent while providing them with better market access to sell their farm produce.

On his part, Agricorp’s Co-Founder, Wale Omotimirin, said, “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. We are taking on the mandate to help improve the economy the best way we know how to – through agriculture.

“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.”

“Over the next four years, Agricorp will be building over 1,000 poultry pens with a projected capacity of 10,000 birds each. This will strengthen Agricorp’s ability to produce its targeted 40 million poultry birds by 2025 and build the local capacity of Nigerians by creating entrepreneurial opportunities which is critical to achieving these goals,” Omotimirin said.