… Targets 200,000 rural jobs for Nigerians
With a combined capacity of 720,000 metric tonnes of poultry feed annually, Olam’s facilities will directly address a significant supply gap for poultry meat in Nigeria, giving farmers and distributors access to high quality feed and day old chicks (DOC) at competitive prices.
In addition, Olam’s team of field veterinarians will train up to 10,000 farmers a year on best poultry farming practices. This will also result in a reduction in the foreign exchange spent on frozen poultry imports, which is currently estimated at $150 million to $200 million per year.
Given that around 75 per cent of poultry farming is managed by smallholders, Olam’s poultry initiatives have the potential to indirectly create 150,000 to 200,000 rural jobs for Nigerians as the entire sector is stimulated.
Speaking at the inauguration of the company’s $150 million poultry and feed mills in Kaduna last week, Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said the company’s development symbolises the national growth and stability of the country.
He stated that, “the project will contribute to the reduction of crime and the rural agenda. Olam is thoroughly Nigerian and since its incorporation here in 1989, it now operates across the length of the country. I would like to acknowledge their investments in the country.”
Olam’s Managing Director and CEO for Grains, KC Suresh, said Olam’s world-class facilities would provide high quality, cost-effective products that will help farmers and rural Nigerians to prosper.
He added: “In the same way that Olam Grains has built a highly successful wheat milling footprint across Africa, we will be looking to scale our animal feed operations, both in and beyond Nigeria. We have leveraged our deep knowledge of Nigeria – 27 years experience across exports, imports, manufacturing and farmer engagement to identify the needs of Nigerian consumers.
Olam estimates that poultry meat consumption among Nigerians could increase up to 10-fold by 2040, provided domestic supply can meet increased demand and based on prices becoming more affordable for Nigerians. This would require the poultry feed and DOC supply in Nigeria to grow at over 10 per cent compound annual growth rate (CAGR) per year.