October 15, 2024

Nigerians may see dramatic rise in egg prices from US$7.25 to US$13.25

Nigerians may soon face a staggering hike in egg prices, with the cost potentially rising from the current ₦5,500 (US$7.25) to ₦10,000 (US$13.25) per crate, according to the Poultry Association of Nigeria (PAN).

This forecast was made by Musa Hakeem, secretary of PAN's Federal Capital Territory (FCT) chapter, during a press briefing in Abuja to commemorate World Egg Day on October 12, 2024.

Hakeem cited the removal of fuel subsidies and the unchecked rise in poultry feed prices by millers as major factors behind the escalating cost of egg production. He warned that if urgent action is not taken to support struggling poultry farmers, the situation could spiral out of control, leading to a nationwide crisis in egg availability.

"The prices of transportation and feed have skyrocketed, and if we follow the proportional increase in these costs, eggs should now sell for ₦10,000 per crate," Hakeem explained. "However, out of compassion and because of the crucial health benefits of eggs, we've kept prices at ₦5,500. But we cannot hold out for much longer."

With the rising cost of poultry feed, Hakeem predicted that egg prices may soon increase to ₦6,000 (US$7.95) per crate. He urged Nigeria's Federal Government to declare a state of emergency on egg production, warning that Nigerians cannot afford to rely on imported eggs, especially given the significant decline in domestic protein intake.

"To the best of my knowledge, the last time we received any form of grain intervention from the government was three years ago," Hakeem said. "The promises of relief from high food prices that we hear about are only on the pages of newspapers."

Jude Arikogu, chief executive officer of Pest Agro Dealers, criticised the millers for their unethical practices, accusing them of not only raising prices indiscriminately but also delivering underweight feed.

"A 25kg bag of feed barely weighs 23kg when put on a scale," he said, adding that poultry farmers are unable to access financing from banks, as financial institutions remain unwilling to support them.

- Nigerian Delta Connect