Expert seeks more investment in research for innovative products, global competitivene

The Group Managing Director, Amo Farm Sieberer Hatchery Limited, Dr. Ayoola Oduntan, has urged investors and participants in the agribusiness sector to continuously improve and invest in research and development (R&D) for the growth of innovative products for global competitiveness and food security in the country.

Oduntan made the assertion at this year’s Nigerian Poultry Show, with the theme ‘Mitigating the Challenges of the Poultry Industry in Nigeria – Current Perspectives, The Role of Government and the Private Sector’ in Abeokuta, Ogun State.

For agribusiness to thrive in the country amidst the harsh economic climate, organisations should constantly innovate and strive for improved efficiency, he said.
He identified backward integration by major players in the poultry industry as a sustainable approach to address the substantial surge in the price of grains needed for poultry feed.

Oduntan emphasised the importance of Research and Development (R&D) in identifying efficient alternatives and substitutes for maize and soybean in feed production, a need that is more pressing than ever.

“For instance, exploring the utilisation of palm kennel shells in cassava grits production can significantly reduce production costs, making it a cost-effective substitute for maize.”

Oduntan suggested that government support could play a crucial role in promoting the production of peanuts and cottonseed, offering viable alternatives to soybeans.

While emphasising the growth of poultry agriculture in the country, Oduntan said there is a need for government collaboration to effectively address the challenges bedeviling the agribusiness industry, for a more robust and sustainable future.

He also advised the government to concentrate efforts to solve all problems along the value chain of electricity to ease the burden of power generation and promote research for better yield, local manufacturing of vaccines and drugs to limit the impact of foreign exchange on the industry.

He said smuggling of chicken meat across the nation’s borders poses serious threats to the growth of the poultry business and should be curtailed by prosecuting smugglers involved in the act.

According to him, the government should intensive efforts to empower the Bank of Agriculture (BOA), Bank of Industry (BOI), and other commercial banks to offer loans to poultry farmers at a single-digit interest rate. This, Oduntan, believes will help a great deal in meeting its objective of food security in Nigeria.