As part of efforts to improve the income of poultry farmers, Sapphire Microfinance Bank is promoting the establishment of chicken processing factory at a cost of N32.8 million in Uyo, the Akwa Ibom State capital.
The factory plans to bring together over 1,000 poultry farmers in the state to pool their resources together in setting up the processing plant to boost their income and provide a market for their chickens.
Already, two groups have shown interest in acquiring 10 percent each in the project, expected to come on stream this year.
Ntuk Udo, managing director/CEO, Sapphire Microfinance Bank, who made this known in an interview with BusinessDay, said there were also plans to set up a feed mill to further enhance the income of the poultry farmers.
“We are very confident that before the end of the year, we will get the project fully subscribed. At the moment, N6.5 million has been put down by a firm as its equity participation in the project,’’ Udo said.
According to him, due to the large number of poultry farmers in the state, many of them have not been able to sell their chickens enough to make profit, adding that the MFB, which is also the institution helping to disburse grants for the Fadama 111 scheme, decided to set up a multi-purpose co-operative society to promote the project.
“It is on the basis of the Fadama 111 scheme that we are promoting chicken processing factory as a proactive effort in meeting the needs of the active poor in the society,’’ he said.
He also announced plans by the microfinance bank to embark on a road show in the state to highlight two of its most recent products, such as the contributory pension scheme and the young Sapphire pack meant to encourage savings among youths.
The products have been designed for salary earners to enhance their contributory pension with monthly saving not below N500, which would be forwarded to their respective fund managers since they are expected to contribute more than 7.5 percent of their income under the pension scheme regulation, he said.
The bank has also trained local entrepreneurs on how to run their businesses and provided loans to micro-enterprises, he said, provided their financial requirements did not exceed N500,000.
ANIEFIOK UDONQUAK
