NIGERIA – Nigerian Sunshine Food Processing Concept has commissioned the construction of N4.2 billion (US$10.8m) egg processing factory at Ondo State.
The company, majority owned by the state government will undertake egg processing to produce egg powder, pasteurised liquid eggs.
The shells will be utilized for manufacturing of poultry feeds.
“We are looking at production, we are looking at processing, we are looking at marketing and we are looking at foreign exchange earnings. So, it is a full circle.”Akin Olotu, the Special Adviser on Agriculture and Agri-Business to the state governor.
The Ondo State Governor, Mr. Oluwatotimi Akeredolu while flagging off the project said upon completion, the factory would save the Federal Government US$30 billion used to import eggs annually and also create 10,000 direct jobs.
Having a processing capacity of 500,000 eggs per day, the factory will create a ready market for local eggs thus farmers have been urged to invest in poultry farming.
“We are looking at production, we are looking at processing, we are looking at marketing and we are looking at foreign exchange earnings. So, it is a full circle.
“The implication is that more people will come into poultry business, more jobs be created. The advantages are so numerous,” stated Akin Olotu, the Special Adviser on Agriculture and Agri-Business to the state governor.
The project to be completed within 12 months will be funded by the state government which owns 55 percent stake at the company and the Imperial Capital which has 45 percent stake.
The state government is planning to sell its shares when the company becomes fully operational, noting that it was not in the business of running an enterprise.
The investment comes weeks after the poultry industry under the auspices of the Poultry Farmers Association of Nigeria, lamented over scarcity of maize an important raw material for feed manufacturing, following the ban on maize imports coupled with the COVID-19 pandemic.
Maize constitutes between 50 per cent to 70 per cent of chicken feeds and due to high demands of maize for human consumption, it has created an unhealthy competition.
However, the industry got a sigh of relief as the federal government approved the release of 5,000 metric tonnes of maize at a subsidised rate of N90,000 (US$236) per metric tonne, as against the market price of N170,000 (US$446).
In addition to that the Central Bank of Nigeria approved four companies i.e. Wacot Limited, Chi farms Limited, Crown Flour Mills Limited and Premier Feeds Company Limited to import 262,000 tons of maize in the country from August to October to meet the demand.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE