News in Brief:
– Nigeria’s poultry association blames weak Naira impacting feed costs and middlemen’s excessive markups for rising egg prices.
– It is urging middlemen to prioritise reasonable profits over exploitation and calling for forex stability.
The Poultry Association of Nigeria (PAN) has attributed the recent surge in egg prices to a combination of factors such as the fluctuating foreign exchange rates and profiteering by middlemen.
Revealing this to newsmen, the Lagos State Chairman of the Association, Mojeed Iyiola, explained that the cost of poultry feed, a major contributor to egg prices, has been steadily rising due to the weakening Naira. Explaining further, he highlighted that the dependence on imported feed components, which are directly impacted by currency fluctuations, is worsening the issue.
In addition, Iyiola accused middlemen of exploiting the situation by adding excessive markups to egg prices. He said these underhand moves by the middlemen have exceeded reasonable profit margins, while burdening consumers.
The poultry association boss’ statement suggests a complex interplay of factors driving up egg prices in Nigeria. Addressing the currency stability, import reliance, and potential market manipulation by middlemen could be crucial in mitigating the price increase and ensuring affordability for consumers.
As of December 2023, the average price of medium-sized eggs in Nigeria was more that 50% higher than its price a year prior and discussions within farmers circles point at another price hike in February 2024 of about 30% or 40%.
