Lagos, Feb. 19, 2024: The Poultry Association of Nigeria (PAN), Lagos state chapter, has blamed the hike in price of eggs on the fluctuating dollar exchange rate and the greed of middlemen.
The chairman PAN Lagos chapter, Mr Mojeed Iyiola, said on Monday in Lagos.
Following the food inflation currently faced by the nation, the price of eggs, as well as other poultry produce, have increased.
A crate of eggs from the poultry farm gate now sells from N3300 to N3400 as against N2500 to N2700 sold in January 2024.
According to Iyiola, the hike is caused by the aftermath of increase in the price of feed materials, which is largely affected by fluctuations in the dollar since the year began.
“The price of feed materials is the cause for the major hike in the price of poultry produce, especially eggs.
“The price of feed materials increases on a daily basis. When you buy a bag of layers’ feed for N10,000 today, the next day it would have risen to N10,500 and so on every other day.
“The dealers in poultry feed materials have blamed the fluctuations in dollars as reasons for the constant increment.
“Major components of feed meal ingredients are being imported into the country, so the exchange rates most definitely affect the price.
“The component of the feed meal we do not import in Nigeria is maize. Even soyabeans is partially imported into the country,” Iyiola said.
He also noted that farmers preferred to export soyabeans to neighboring countries for higher profits, even though when enough soyabeans was grown in the country.
“The quantity they produce is not so appreciable but the crop farmers prefer exporting them than selling locally.
“The greed of the middlemen in the sector for extra profit contributes largely to the consistent hike in eggs price.
“From the farm gate, the least we sell a crate of eggs is between N3300 to N3400.
“However, the middlemen hike the price of the produce beyond normal, so if you get a crate of eggs at the farm gate price, a profit if N200 is not so bad.
“They prefer selling at higher rates thus exploiting the average Nigerian. Even at the market hub at Mushin, we sell at N3200, yet these middlemen still hike the price.
“So now, we have stopped selling at wholesales at the hub, but only for final consumers, so as to curtail the incessant hike. The middlemen are major contributors to the problem on ground,” the chairman said.
