The ever-increasing price of eggs in Nigeria has concerned stakeholders in the poultry industry, including Mojeed Iyiola, Chairman of PAN Lagos State chapter. According to him, the high cost of production is mainly due to the rise in prices of raw materials for chicken feed, due to fluctuations in the exchange rate of the Naira against the dollar.
Materials used to make poultry feed are mainly imported, with the exception of corn. Even partially imported soybeans are preferred by farmers for export to neighboring countries, to the detriment of the domestic market. This practice, motivated by higher profits, accentuates the scarcity of the product on the domestic market and pushes prices upward.
Furthermore, intermediaries, seeking to maximize their profits, contribute to this price inflation by increasing costs for consumers. Thus, the price of a crate of eggs directly from the farm fluctuates between ₦3300 and ₦3400, while the cost of raw materials for production continues to rise, causing financial pressure on producers and consumers.
It is crucial for players in the poultry industry to find sustainable solutions to reduce production costs and stabilize egg prices in the market. This situation highlights the challenges facing import-dependent agricultural sectors and highlights the need to improve the valorization of local resources to ensure food security and long-term profitability.