Agriculture remains one of the most lucrative sectors of the economy with poultry farming at the top part of the list. Poultry products are popular because they are consumed daily. The most popular poultry products are eggs, chicken, and turkey. This does not in any way restrict opportunities as poultry farming could be diversified. Poultry farming and its market is vast and lucrative, you just have to know the best angle to venture into. it covers; egg production, raising chicken, meat production, medicine production, fed production, equipment production and sales. If you’re still in doubt, below are the major reasons why poultry farming is considered one of the most lucrative businesses in agriculture.
- Poultry products are ever present on food menus.
- It’s a fast track business; poultry animals have a fast reproduction and growth rate.
- Startup capital for poultry farming is relatively low (depending on the scale you want to start at) yet the turnout is always huge.
If you’ve made up your mind on venturing into poultry business here are a few things you should consider before you draw up a plan.
- LOCATION; it is essential that you consider the area where you want your farm to be situated. It’s rather ideal to set up a poultry farm in a remote area rather than an urban area to avoid running into problems with the law regarding the health implications of your farm on individuals living around it. It shouldn’t be located far off either so that your customers will not have problems commuting.
- CAPITAL; poultry farming is rather capital intensive depending on how big a farm you intend to set up. Before venturing into poultry farming make an analysis based on the size of farm you want, and make sure your capital is sufficient to start you off. Keep in mind that the size of your capital and ultimately the size of your farm, directly affects the size of your turnover
- HOUSING, EQUIPMENT AND FACILITIES; these three factors are essential to the establishment and success of your farm. It is of utmost importance that you decide on which poultry housing system will be more ideal for your farm (cost and productivity wise). It could be any of the three types of poultry housing systems; the battery cage system, the free roam system, and the deep liter system. The battery cage system is the most organized and most effective system especially if you’re considering going large scale. Other facilities and equipments that you should consider are feeders, drinkers, crates, nests, heaters, waste disposal systems, lightning systems, egg trays, incubators, among others. With an adequate housing system and proper equipments, your farm stands a huge chance at success.
- MEDICAL ADMINISTRATION AND COST; for your poultry to generate huge turnover you need to secure the health of your birds. The healthier the birds, the bigger the farms turnover. pay close attention to what vaccines you might need and ensure that you have the costs covered
- LABOUR; needing an extra hand to take care of things is inevitable. Division of labour does not only lighten one’s load but makes work faster. Consider how many people you might need to employ, what role they’ll play, and what financial implications employing them might have on the farm.
- FEEDS; did you know that in poultry farming, about 70% of your total expenditure goes to feeding? This is why you need to carefully plan and strategize how you intend to go about feeds for the birds. Manufacturing feeds is a great idea and save cost but might only be practical for large scale poultry farm. either way ensure that you plan for the costs that come with feeding the birds
Having considered these issues discussed above, you should be able to make a practical business plan for your poultry farm. Of course like every other business, poultry farming comes with its risks but with proper management you’ll be able to keep risks as minimal as possible.
COVID-19 Update in Nigeria
On the 4th of June 2020, 350 new confirmed cases and 8 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 11,516.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 11,516 confirmed cases.
On the 4th of June 2020, 350 new confirmed cases and 8 deaths were recorded in Nigeria.
To date, 11516 cases have been confirmed, 3535 cases have been discharged and 323 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 71,336 tests.
COVID-19 Case Updates- 4th June 2020
- Total Number of Cases – 11,516
- Total Number Discharged – 3,535
- Total Deaths – 323
- Total Tests Carried out – 71,336
The 350 new cases were reported from 20 states- Lagos (102), Ogun (34), FCT (29), Borno (26), Kaduna (23), Rivers (21), Kwara (16), Ebonyi (17), Katsina (14), Edo (10), Delta (10), Kano (10), Bauchi (10), Bayelsa (9), Imo (8), Plateau (4), Ondo (3), Nasarawa (2), Gombe (1), Oyo (1).
The latest numbers bring Lagos state total confirmed cases to 5542, followed by Kano (970), Abuja at 792, Katsina (385), Edo (351), Borno (322), Kaduna (320), Oyo (318), Ogun (316), Rivers (290), Jigawa (274), Bauchi (256), Gombe (170), Kwara (127).
Delta State has recorded 116 cases, Sokoto (115), Plateau (113), Nasarawa (90), Ebonyi (80), Zamfara (76), Yobe (52), Osun and Imo (47), Akwa Ibom (45), Adamawa (42), Niger (41), Ondo (36), Kebbi (33), Bayelsa (30), Ekiti (25), Enugu (24), Taraba (18), Abia (15), Benue (13), Anambra (12), while Kogi state has recorded only 3 cases.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
Forex turnover drops by 28.3% as naira depreciates against the dollar at I&E window
Naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with.
The naira has depreciated to N386.33 to a dollar at the Investors and Exporters (I&E) window, as the volatility of the foreign exchange market continues. The local currency was weakened by N0.83 against the dollar, when compared to the N385.50 to a dollar that it traded on Tuesday, June 2, 2020.
The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1. This is also different from the exchange rate at the parallel market, which is still stable at N445/$1, according to information on AbokiFX as of Wednesday, June 3, 2020.
Available information from the daily trading at FMDQ (where FX is traded by importers and investors) shows that the naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with on Wednesday.
Further analysis of the information from the FMDQ shows that the turnover for the day declined by about 28.3% at $24.64 million. This is against the $34.35 million turnovers that was recorded the previous day.
(READ MORE:Naira appreciates at parallel market)
The foreign exchange market seems to have stabilized at the parallel market, following the reduction in demand for dollars especially by currency speculators, and improved liquidity. The rebound of crude oil prices appears to have eased the concerns of investors over possible devaluation of the naira.
The gap between the CBN official rate and the parallel market rate, also known as the black market, has been greatly reduced as the naira appreciated to N445 to a dollar from N460 to a dollar last week, following CBN’s intervention.
According to data compiled by Bloomberg, the Naira spot market rate is overvalued by 10% when measured by its current real effective exchange rate relative to the 5-year average.
Manufacturing PMI slide into recession territory
This is the first clear data-driven sign that Nigeria is in a recession.
The much-awaited Purchasers Managers Index (PMI) was released on May 29th by the Central Bank of Nigeria. According to the latest data, Manufacturing PMI in the month of May stood at 42.4 index points, indicating contraction in the manufacturing sector for the first time after recording expansion for thirty-six consecutive months.
The figure compares to 51.1 and 49.2 index points in March 2020.
The latest number now falls squarely within recession numbers and this is a clear sign that Nigeria is closer to recording a major contraction in the second quarter of the year.
Meanwhile, the nation’s PMI’s number hit a year low in April 2016 of 43.7, before plummeting further to 41.9 in June 2016. Nigeria subsequently fell into a recession by the end of the second quarter of 2016 and remained in recession throughout the course of the year.
The nation’s non-manufacturing PMI fell for a consecutive month to an all-time low of 25.3. The decline in manufacturing PMI was significant following thirty-six consecutive months of expansion, while the non-Manufacturing PMI contracted for the second consecutive month.
A further look into the report shows that the manufacturing sector employment level index stood at 24.5 points in May, a decline compared to 47.1 points recorded in March and 56.4 points in February 2020.
This downturn is mostly attributed to the halt in economic activity as businesses in Nigeria result in layoffs and pay cuts in order to survive the effect of the lockdown.
READ ALSO: What I’ll do if I was CBN Governor – Experts
Also, all 14 subsectors of the manufacturing sector, reported lower raw material inventories, consequently contracting the inventories index to 37.4 points in May 2020. An effect of the supply chain bottleneck associated with the lockdown measures implemented in most countries of the world.
Specifically, this figure translates the effect of lockdown procedures and trade restrictions implemented by Nigeria’s major trade partners in response to the COVID-19 pandemic. Note that Nigeria’s major trade partners; China, USA, Spain, and the Netherlands account for about 45% of the nation’s import.
What you need to know: PMI is a survey that is conducted by the Statistics Department of the Central Bank of Nigeria. The respondents are purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).
In his reaction to the data, the Central Bank Governor, Godwin Emefiele, in the Monetary Policy Communique, highlighted how dire the situation.
He said, “The contraction in the manufacturing and non-manufacturing PMIs was attributed to slower growth in production, new orders, employment level, raw materials, and input prices.
“The employment level index for the manufacturing and non-manufacturing PMIs also contracted further to 25.5 and 32.0 index points, respectively, in May 2020 compared with 47.1 and 47.3 index points in March 2020.
“Generally, the purchasing managers’ activities in May 2020, were largely affected by the lockdown of the global economy to curtail the spread of the COVID-19 pandemic.”
The CBN thereafter reduced its monetary policy rate from 13.5% to 12.5% for the first time since March 2019.
What this means: This survey is a bellwether for economic growth in Nigeria and helps the central bank gauge the mood of businesses in the economy.
PMI above 50 typically indicates a positive mood for the manufacturing and non-manufacturing sectors. Two major causes for concern in the data are the new orders and employment levels.
At 42.8 points, the new orders index declined after thirty-sixth consecutive months of growth, indicating declines in new orders in May 2020. Three subsectors reported growth, 2 remained unchanged while 9 recorded declines in the review month.