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PRESENTED BY SALIU RASHEED O. MD. PSL LIMITED MD TAK FARM KEY DISTRIBUTOR TO GRAND CEREALS PRODUCERS OF VITAL FEEDS, GRAND OIL INTRODUCTION There is no doubt that petroleum (crude oil) has contributed substantially to Nigerian revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified and that cannot occur in a vacuum. For over four decades, the Nigerian economy has mostly depended on proceeds from the sale of crude oil. This is at the expense of other sectors such as solid minerals and agriculture that hitherto, contributed significantly to the economy of Nigeria. WHAT LED TO THE CURRENT RECESSION IN NIGERIA WHAT IS RECESSION Recessions generally occur when there is a widespread drop in spending. This may be triggered by various events, such as a financial crisis , an external trade shock, an adverse supply shock or the bursting of an economic bubble . Governments usually respond to recessions by adopting expansionary macroeconomic policies , such as increasing money supply , increasing government spending and decreasing taxation . Recession So many factors could be responsible for the cause of a recession in a nation’s economy. Some of them include; High interest rates are a cause of recession because they limit liquidity, or the amount of money available to invest. Increased inflation: Inflation refers to a general rise in the prices of goods and services over a period of time. As inflation increases, the percentage of goods and services that can be purchased with the same amount of money decreases. Reduced consumer confidence is another factor that can cause a recession. If consumers believe the economy is bad, they are less likely to spend money. Consumer confidence is psychological but can have a real impact on any economy. Reduced real wages , another factor, refers to wages that have been adjusted for inflation. Falling real wages means that a worker’s paycheck is not keeping up with inflation. The worker might be making the same amount of money, but his purchasing power has been reduced. To The Present Economy Downturn IMPLEMENTATION OF TSA BY FIAT: STOPPAGE OF PIPELINES CONTRACTS, HASTY CRACKDOWN ON NIGER DELTA MILITANTS AND DELAYED DIALOGUE TESTED ECONOMIC MANAGERS Economy diversification; Agriculture a way out There is no doubt that petroleum (crude oil) has contributed substantially to Nigerian revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified and that cannot occur in a vacuum. Studies have shown that there exists a positive relationship between economic growth in Nigeria and diversification of other sectors because, when there were proper management of human resources, huge investment and concentration on agriculture, Nigerian economy was recorded to be healthy and vibrant. In those golden years, agriculture offered over 70% of Nigeria’s teaming population job opportunities. THE NIGERIAN POULTRY INDUSTRY The Nigerian poultry industry is estimated at ₦80 billion ($600 million) and is comprised of approximately 165 million birds, which produced 650,000 MT of eggs and 290,000 MT of poultry meat in 2013. From a market size perspective, Nigeria’s egg production is the largest in Africa (South Africa is the next largest at 540,000 MT of eggs) and it has the 2nd largest chicken population after South Africa’s 200 million birds BROODING PULLETS BROILER PRODUCTION LAYERS SECTION WASTE TO WEALTH BROILERS How to Get Government Grant for your Poultry Farm 1. Search for Government Grant Programs-: 2. Check research institutes and NGO’S-: 3. Determine your farm’s needs-: 4. Write a Brilliant Proposal-: 5. Pay attention to important factors-: 6. Set a realistic Timeline-: 7. Set realistic goals-: 8. Create a perfect budget-: 9. Make sure you conduct a market research-: 10. Collaborate with others-: 11. Submit your application-: 12. Monitor Your Application-: 13. Prepare for Project Defense-: 14. Put the money to good use-: AVAILABLE FUNDING IN THE NIGERIA POULTRY INDUSTRY NIRSAL NIRSAL is an agribusiness initiative of the CBN, FMARD and the Bankers Committee (BC) established in 2011. NIRSAL’s main aim is to encourage the growth of credit in the agricultural sector by fostering bank lending through increased incentives and technical assistance. FAFIN FAFIN has a target fund size of US$100 million and was launched in January 2014 with a First Close of US$34 million from three fund sponsors: FMARD, the German government via KfW Development Bank, and the Nigeria Sovereign Investment Authority (NSIA). FAFIN is the only Nigerian private equity fund focused exclusively on agriculture. MSME Fund The ₦220 billion MSME fund was launched in 2013 by CBN to provide capital to entrepreneurs in various sectors of the economy. Specific to agriculture, the fund aims to address postharvest losses among small scale farmers. ₦132 billion (60%) of the fund has been assigned specifically for women entrepreneurs. As at May 2014, the MSME funds were yet to be disbursed to their target group as a result of the CBNs plan to establish a Special Purpose Vehicle to manage it. CHALLLENGES GOVERNMENT POLICY FINANCE AND INTEREST RATE CORPORATE GOVERNANCE INFRASTRUTURE PROSPECT CONTINIOUS AND SUSTAINABLE GROWTH CREATING EMPLOYMENT OPPORTUNITIES RETURN ON INVESTMENT PARTNERSHIP SELF FULFILMENT CONCLUSION Studies have shown that there exists a positive relationship between economic growth in Nigeria and diversification of other sectors because, when there were proper management of human resources, huge investment and concentration on agriculture, Nigerian economy was recorded to be healthy and vibrant. In those golden years, agriculture offered over 70% of Nigeria’s teaming population job opportunities. When we talk about diversified economy we come up with an example of nations who have seen various ups and downs in their economies giving them strength to face crises and letting them know about how to change threats into opportunities THANK YOU ALL FOR LISTENING