Poultry farmers blame rising cost of egg on forex, greed

The Poultry Association of Nigeria (PAN), Lagos State Chapter, has blamed the increase in the price of egg on the fluctuating foreign exchange rate and greed by some middlemen.

The Chairman of the Lagos State Chapter of PAN, Mojeed Iyiola, said this in Lagos on Monday, February 19, 2024.

The price of egg, as well as other poultry produce, has continued to increase.

A crate of eggs from poultry farm gate now sells for about N3,400 as against N2,700  in January.

Iyiola, however, said the increase was caused by rise in the price of feed materials due to fluctuation in the naira exchange rate with the dollar.

He said: “The price of feed materials is the cause for the hike in the price of poultry produce, especially egg.

“The price of feed materials increases on 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.

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

Iyiola noted that major components of feed meal were being imported into Nigeria.

“The component of feed meal we do not import is maize. Even soybeans are partially imported into the country,” the PAN chairman told NAN.

He added that farmers preferred to export soybeans to neighboring countries for higher profits, saying: “They prefer exporting them to selling locally.

“The greed of middlemen in the sector, for extra profits, contributes to the consistent hike in egg price.

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

“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.

“They prefer selling at higher rates; thus, exploiting the average Nigerian.”

The Star