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April 17, 2024

Blame Forex, Middlemen for Egg Prices, PAN Tells Nigerians

The rise in poultry feed and egg prices is attributed to fluctuating foreign exchange rates, as stated by Mojeed Iyiola, the chairman of the Lagos state chapter of the Poultry Association of Nigeria (PAN).

In an interview with newsmen on Monday, Iyiola emphasized that the increase is also influenced by the greed of certain middlemen, leading to higher prices for various poultry products.

Pointing out that the current cost of a crate of eggs from the poultry farm gate is approximately N3,400, compared to N2,700 in January.

“The price of feed materials is the cause for the hike in the price of poultry produce, especially eggs,” he said.

“The price of feed materials increases on a daily basis. You buy a bag of layers’ feed for N10,000 today, the next day it would have risen to N10,500 and so on.

“Dealers in poultry feed materials have blamed the fluctuations in the dollar exchange rate as the reason for the constant increment.”

Speaking further, he said major components of feed meal were being imported into Nigeria, adding that farmers preferred to export soybeans to neighboring countries for higher profits.

“The component of the feed meal we do not import is maize. Even soybeans are partially imported into the country,” Iyiola said.

The PAN chairman also said the “greed of middlemen in the sector, for extra profits, contributes to the consistent hike in egg prices”.

“From the farm gate, the least we sell a crate of eggs for is N3300 to N3400,” he said.

“Middlemen hike the price of the produce beyond normal; if you get a crate of eggs at the farm gate price, a profit of N200 is not bad.”

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