Efforts are at advance stage for immediate take off of the School of Agriculture and Agricultural Technology at the Federal Polytechnic, Ado-Ekiti.
Rector of the Institution, Dr. Dayo Oladebeye, gave hint while playing host to a visiting team from the Central Bank of Nigeria who was visiting to prospect for the collaboration of the CBN with Tertiary Institutions for improved Poultry Production across the Country.
Dr. Oladebeye, who described the CBN team’s exploratory visit to the Polytechnic as a welcome development, said it was in tandem with the Institution’s vision to expand its agricultural potentials with the planned School of Agriculture and Agricultural Technology, which he noted was set to take off very soon.
The Rector who said the Institution had been yearning to partner the CBN noted that the Polytechnic would be advantaged by the new prospect, adding that the Institution has seasoned personnel who are equal to the task and therefore ready to give what it takes for the venture to thrive.
Earlier, the leader of the CBN delegation, Mr. Kola Oyedokun said the Central Bank of Nigeria was looking into how to revive poultry business across higher institutions in the Country, hence their presence at the Polytechnic in order to open talks for its development with Management of the Institution.
Mr. Oyedokun, who observed that Poultry production in Ekiti State appeared to be the most expensive across the Country because most needed raw materials are usually brought in from outside the State, hinted that modalities would be looked into by the CBN to assist Institutions by giving them loans for infrastructure that would sustain poultry production, as well as revive existing poultry farms, produce for their communities and beyond, and also pave way for a situation where the knowledge of poultry production can be passed across to students and neighbouring communities.
The leader of the CBN delegation disclosed that as much as 200 million naira could be accessed depending on the collateral that the Institution was willing to bring forth, stated that the interest rate for the loan was 5 percent (5%) in as much as the Institution grabs the opportunity before February next year because the interest rate might be reviewed afterwards.
However, according to him, certain conditions must be fulfilled by Institutions before being able to participate under the Tertiary Institutions Based Poultry Revival Programme. The conditions amongst others are availability of Poultry Production Facilities as well as:
- Submit expression of interest to participate;
- Incorporate Special Purpose Vehicle for the project Management;
- Establish Corporate Governance Structure.
- Have evidence of Students Agropreneurs and Surrounding Communities;
- Have evidence of provision for extension services to out growers;
- Identify a sponsor bank; Prepare a bankable Business Proposal;
- Submit proposal to bank for review and consideration;
- Provide acceptable collateral.
In his contribution at the meeting, the H.O.D., Agricultural Technology, Dr. Michael Olawale Akinola pointed out that the collaboration would be an instant success because the Polytechnic had the market, the personnel and the facilities to cue into the programme.
Also responding, the Director of the Polytechnic’s Centre for Entrepreneurship Development and Vocational Studies, (CEDVS), Engineer Caroline Okereke noted that the cost of poultry feeding had been very high and as such intensive efforts will be made by the Institution to revive the existing feed mill in order to reduce cost. She also assured that the Institution has adequate facilities that could serve as collateral in preparedness for the programme.
In her vote of thanks, the Registrar, Mrs. Kehinde Ekanem assured the CBN team that the Polytechnic was adequately prepared for the business as it has what it takes on ground to make it work adding that there was great need to diversify in view of the economic situation in the Country.