Wednesday, April 24, 2024

Stakeholder Laments Impact Of Cash Crunch On Poultry Industry

The scarcity of naira in Nigeria created by the Federal Government as a result of the currency redesign policy has resulted in great hardship for the citizens of this country, causing the poultry industry across Nigeria  to be on the brink of collapse due to its fragile nature.

The scarcity of naira in Nigeria created by the Federal Government as a result of the currency redesign policy has resulted in great hardship for the citizens of this country, causing the poultry industry across Nigeria  to be on the brink of collapse due to its fragile nature.

A major stakeholder in the Nigerian poultry industry and Chairman, Folhope Nigeria Limited, Chief Emmanuel Folorunsho Ogunnaike, while speaking with the journalists in Ibadan, decried the negative impact of the cashless policy on poultry businesses.

He noted that poultry business is fragile by nature, which means that any major or minor crisis can be affected by the first group of people, which is the poultry farmers, which includes the egg producers, that produce thousands of crates of eggs that go unsold as a result of the scarcity of cash in circulation.

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Ogunnaike also pointed out that poultry farmers cannot feed their birds because of the scarcity of cash, so he therefore pleaded with the government to intervene in this matter; otherwise, poultry farmers will be sent out of business if things continue the way they are at the moment.

He pointed out that poultry farmers are producing perishable products such as eggs that become watery after 21 days in stock, adding that once they can’t sell eggs, they won’t be able to feed birds.

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“We are not saying the government should not go into a cashless policy, but they should have given us a very long time to prepare in such a way that people would have been used to the use of PoS, online, and USSD transactions.

“The government ought to have enlightened the people on the use of this banking platform because many people are not conversant with these alternative money transactions.” He said

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