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Natnupreneur Helping To Boost Employment In Nigeria

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By Modupe Gbadeyanka

The call by the Federal Government for private sector investment in the agricultural sector seems to be yielding positive result as many corporate organizations are beginning to show more interest in agribusiness.

However, blazing the trail amongst them is Amo group of companies through their natnuPreneur broiler out grower scheme.

While guiding journalists round some facilities belonging to three companies under the Group; Amo Byng, Amo Farm Sieberer Hatchery Limited and natnudO Foods in Oyo State, Mr Alaba Yunusa, Data Analyst and Farmer Satisfaction Representative (FSR) stated that unlike in the past when agriculture was perceived as a venture that only provides jobs for the illiterate, natnuPreneur since its inception has shown that formally educated people can be gainfully employed in the agricultural sector. Even young educated Nigerians can venture into poultry farming with the assurance of sustainable profit and capacity development from programmes like ‘natnuPreneur Farmer’.

The initiative, which was revealed, could provide direct and indirect employment for millions of Nigerians, is the foremost and most successful broiler out grower scheme in the country.

According to Mr Yunusa, “The scheme still has in purvey, the potential of providing employment for over 2 million Nigerians, within the poultry value chain, that is (Feed mills, Hatchery, Logistics and transportation, chicken processing, chicken distribution and retailing – natnuPreneur seller), if well supported”

This natnuPreneur model of job creation and sustained farmer profitability is a perfect example of what agriculture can do for Nigeria, especially in her fight against unemployment and full economic recovery.

Mr Yunusa, during the two day tour, also mentioned that the vision of natnuPreneur is to create passionate, knowledgeable and wealthy poultry farmers nationwide through sustained profitability while working to achieve the federal government’s food security goal. He also added that the scheme has the capacity to adequately supply the nation with high quality and affordable chicken products.

He further revealed that there is a huge market for chicken production and supply in the country with smuggled chicken covering a consumption deficit of about 70%. According to him, only 30% of the chicken consumed in the country is locally produced. While also explaining that there is massive opportunity for farmer profitability in poultry farming under natnuPreneur, Mr. Yunusa said, “Approximately 1,200,000,000 (One billion and two hundred million) birds are consumed yearly in Nigeria. Our assumption is that if 10% of the 170,000,000 (One hundred and seventy million) Nigerian population consumes 6 packs of chicken a month, a total of 1,224,000,000 (One billion, two hundred and twenty four million) pieces of chicken would have been consumed in 12 months. From a retail perspective, a piece of chicken average sales price is ₦1,000. So, 1,000 multiplied by 1,224,000,000 will give us a value of about ₦1,224,000,000,000. Now, the question is how much of this money is getting to our farmers? This is one question natnuPreneur seeks to give positive answers; we want to ensure that a good chunk of that figure gets into the pocket of poultry farmers through a reliable off-taking arrangement, effective poultry management trainings and capacity building”.

“Between 2014 and 2017, the programme has onboarded 1,156 farmers, under different categories and clusters; off taken 4,348,640 birds; and paid out N4,352,327,119.80 to famers”. This record, he revealed, has drawn the attention of various financial institutions, like the Central Bank of Nigeria (CBN), Bank of Industry (BOI), Bank of Agriculture (BOA), Sterling Bank, Heritage Bank and others, to partner with natnuPreneur and support its famers. Also, because of their well thought out scientific process for broiler farming, natnuPreneur farmers have the ability to do 6 cycles yearly with mortality rate as low as 4%.

“To ensure farmer profitability, we have developed and tested our processes and have a Standard Operating Procedure (SOP) to guide our farmers on effective poultry farming. We’ve also developed a detailed economic model for our farmers – A Net profit calculator, which guards against pilfer, wastage and fraud. And have developed a Buy Back Price equation to ensure profitability; created a database that is searchable across various parameters; and have designed an effective Customer Satisfaction Centre for support services”.

“Presently, we are working on developing a Broiler Training School for farm managers and owners and based on farm practices, we are in the process of developing a mobile application to ease operations and farmer interaction. We’re putting all these things in place to ensure that our farmers are in business and making enviable profit.

“Our happiness lies in seeing farmers increase in capacity since we have the ability to accommodate their produce” he concluded.

While attending to questions from pressmen, Mr Albert Begerano, COO of the group hinted that the natnuPreneur programme has thrived because of its backbones like, Amo farm which produces about 1,900,000 day olds weekly, with broiler chicks being 800,000 of that number.

Amo Byng, which has storage capacity for 500 metric tonnes of feeds and maize, produces between 600-1,000 tonnes of feeds daily. And natnudO foods, where off taken birds are slaughtered and packaged, daily producing 30,000 frozen chickens in the west, 10,000 in the north and 15,000 in the east, totaling 55,000 birds daily with other                                                                                                                                              facilities for storage and preservation like blast freezers and cold rooms that could take over 600 tonnes of frozen chicken in the west alone.

Also speaking with newsmen during the tour, Mrs Adepeju Cole, a staff of Sandtech Farms, a natnuPreneur farm in Oyo State said “Since we joined the scheme about a year ago, our capacity has increased to 30,000 birds. Presently, we have 20,000 birds on our farm. In fact, this is our 5th cycle with natnuPreneur and it has been quite profitable. Through the help of the FSR in our area, our mortality rate has reduced from 10% to 4% and we’ve also been able to achieve the agreed weight of 1.75 for our broilers” She revealed.

In addition, Mrs Remi Tomori of Honeydew Farms in Arulogun Ibadan said, “Our farm has a capacity of 4,000 birds which are presently in their 5th week. We joined natnuPreneur in October 2014 and till date, only 15 birds mortality has been recorded on our farm. Through training and regular visitation, we realize an average weight of 1.8 as against the 1.7 minimum agreed weight. We’ve also been able to do between 5 – 7 cycles per year”.

“Before we joined natnuPreneur, we were rearing layers but there were too many challenges; pilfering, high mortality, debt, stress and even marketing problems. But, natnuPreneur is taking all these risks and stress off us. The scheme is incomparable in terms of returns on investment as I realize more than 50% profit annually” she added.

Mr Toromade Francis, Group Head, Policy & Strategy, while also addressing newsmen said that the essence of the natnuPreneur scheme is to help farmers use fewer resources to get more results and enhance sustained profitability. He added that, poultry farmers are now more efficient and moribund farms have jerked back to life through the initiative.

Lately, the Federal Government is placing special focus on the agricultural sector to create employment for Nigerians, as a means to alleviate poverty. Recall that Vice President Yemi Osinbajo while addressing guests at the Edo Fertilizer Plant commissioning recently in Edo State mentioned that the private sector contribution is vital to the development of the agriculture and the realization of government’s goal of food security.

Osinbajo also assured that government at all levels will continue to do everything necessary to create an enabling environment for the survival of the private sector.

“The Buhari administration takes private enterprise very seriously. We believe that government resources cannot bring about the rapid roll out we need, especially in the areas of infrastructure and industrial development. It is the private sector that can do so. We are therefore committed to making it easy for businessmen to invest and do business in Nigeria”.

“Every State and Local Government must be involved in the effort to ensure that private businesses thrive and create employment opportunities for our growing youth population. By harnessing private capital and the great entrepreneurial spirit of Nigerians, I believe we can seriously leverage on government resources and accelerate economic development” he had included.

Reiterating the importance of private sector involvement in the agricultural sector of the nation, Mr. Aliko Dangote, owner of Dangote Group of Companies asserted that “there is an urgent need for private sector stakeholders in agriculture to work together towards growing Nigeria’s agriculture, diversifying from oil and gas dependency, encouraging agricultural industrialization, and creating an enabling environment for agribusiness to thrive. NABG strives to engage government at all levels in setting policy direction and regulatory reforms to enable sustainable inclusive socio-economic growth by creating systematic linkages between small, medium and large agribusiness enterprises”.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

NASD Exchange Falls 0.22% After Investors Lose N4.8bn

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NASD securities exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.

During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.

According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

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Economy

Naira Crashes to N1,380/$ at Official Market, N1,390/$1 at Black Market

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forex black market

By Adedapo Adesanya

Pressure is beginning to mount on the Nigerian Naira in the different segments of the foreign exchange (FX) market despite an oil windfall triggered by the Middle East crisis.

On Monday, April 27, the domestic currency further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N16.47 or 1.2 per cent to N1,380.71/$1 from the previous day’s N1,364.24/$1.

It was not different against the Pound Sterling in the same market window, as it lost N16.04 to trade at N1,863.76/£1 versus Monday’s closing rate of N1,847.72/£1, and against the Euro, it slipped by N12.72 to close at N1,615.01/€1 versus N1,602.29/€1.

The Naira also depreciated against the Dollar at the black market yesterday by N5 to quote at N1,390/$1 compared with the previous price of N1,385, and at the GTBank forex counter, it further crashed by N9 to settle at N1,379/$1 compared with the preceding session’s N1,370/$1.

The continued decline of the Naira comes as traders increasingly seek other safe-haven currencies amid continued global disruptions.

The benefit awash in the global market is making foreign portfolio investors stay short in Nigerian markets. Despite this, the daily FX publication released showed that interbank turnover rose to $98.829 million across 78 deals, up from $76.65 million.

Meanwhile, the cryptocurrency market remained cautious, with Bitcoin (BTC) trading at $77,216.66 despite surging oil prices and geopolitical tensions over a potential extended US naval blockade of the Strait of Hormuz.

Analysts say the supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side.

Investors will await decisions made by central banks this week. The US Federal Reserve will announce its rate decision later on Wednesday, while the European Central Bank (ECB) follows on Thursday.

Ethereum (ETH) gained 1.5 per cent to trade at $2,324.59, Dogecoin (DOGE) chalked up 1.4 per cent to sell for $0.1016, Solana (SOL) appreciated by 0.6 per cent to $84.85, Cardano (ADA) grew by 0.5 per cent to $0.2483, and Binance Coin (BNB) advanced by 0.2 per cent to $627.15.

However, TRON (TRX) depreciated by 0.6 per cent to $0.3224, and Ripple (XRP) lost 0.03 per cent to sell at $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.

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Economy

Oil up 3% as Hormuz Disruption Outweighs UAE OPEC Exit

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Oil Licensing Round

By Adedapo Adesanya

Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.

An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.

Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.

Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.

This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.

The UAE could quickly ⁠add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.

The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.

Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.

The war in Yemen broke whatever was left of diplomatic patience.

President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.

The Idemitsu Maru, ‌a Panama-flagged ⁠tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.

Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.

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