Through our facilities, we are stimulating the Nigerian poultry and fish farming sector by providing local farmers and distributors with high-quality feed and chicks at competitive prices, offering training for farmers on best poultry practices and creating thousands of direct and indirect rural employment opportunities.
In turn this will help meet consumer demand for more chicken and fish at affordable prices. It will also result in a reduction in the foreign exchange currency spent by Nigeria on illegal low quality frozen imports, which is estimated at US$150.0 million to US$200.0 million per year.
The Animal Feeds and Protein business builds on our existing strengths in sourcing maize and soy for the mills, We utilise by-product from our wheat-milling business, and achieve synergies from cross-sharing with our other operations in Nigeria.
Olam cares deeply about the welfare of farm animals in our production systems. We comply with all applicable laws in relation to our chicken operations in the countries in which we operate, including environmental regulations. We align our practices with internationally recognised principles for the welfare of animals in livestock production systems as set out by the World Organisation for Animal Health to maintain a high standard of animal welfare in our operations. Read more about our Animal Welfare commitment here.
Our physical presence in major origin and consuming countries for these products has given us an in-depth understanding of local market dynamics, helping us develop long-standing relationships with both producers and consumers.