The company has invested US$9mn into acquiring poultry production facilities across three states in 142 poultry pens, with the aim to boost local poultry production by at least three million poultry birds per annum.
A 2019 report by the Central Bank of Nigeria estimated that more than 1.2 mmt of poultry meat were smuggled into the country from the Benin Republic. This shows there is a huge gap in the poultry market and Agricorp is ready to contribute its quota, in order to close the gap.
While speaking to Food Business Africa, Agricorp’s co-founder and CEO Kenneth Obiajulu said, “The rising inflation rate in food and agricultural produce is a huge challenge for us. Our dependence on imported food items also contributes to the pressure on foreign exchange. Investing US$9mn across Kwara, Kogi and Nasarawa states will boost local poultry production by at least three million poultry birds per annum.”
Under the project, Agricorp has set a goal of producing 40 million poultry birds by 2025, which will represent approximately 4% of the projected annual demand.
The company is confident it will achieve the set target as it plans to build over 1,000 poultry pens with a projected capacity of 10,000 birds each.