This update is according to Mr Olufemi Adelayo, MD/CEO, FACCO West Africa Poultry Equipment Manufacturer.
TimesNow.com.ng previously reported that eggs are among the food items whose prices have continuously risen over the past year due to increasing inflation.
Speaking on Sunrise Daily, a ChannelsTV interview program, Adelayo noted that the cost of key raw materials, like soy and wheat, has increased between 200% and 250% in the last year.
He said these costs trickle down to make rearing chickens and producing eggs more expensive, while other added costs, like transportation, have also increased in the last year.
He said:
Adelayo added that traders would find it challenging to fix a price that would be affordable for Nigerians without running at a loss.
The cost of transportation and financing has also increased in the last year, and the poultry owners pass on some of these costs to the consumers to remain in business.
A few months ago, the Poultry Association of Nigeria (PAN) urged the government to declare a state of emergency in the egg production sector, warning that the price of a crate of eggs could soon reach N10,000.
Adelayo stated that Nigeria is importing a lot of soy and maize because the country does not produce enough.
He said:
He lamented that even though Nigeria has some of the best soy in the world, peculiar challenges in the country are affecting agricultural produce. He listed these challenges as including the farmer-herders crisis, the quality of the soil, access to fertilizer and grain storage facilities, and access to funding.
Increasing production capacity means that the sector requires more funding from all corners. Statista had listed Nigeria as having the second-largest chicken livestock in Africa as of 2022, but with the challenges that have riddled the sector this year, the story might be much different now.
Meanwhile, TimesNow.com.ng had earlier reported that some formerly cheap food items are no longer affordable to average Nigerian homes.
According to a market survey undertaken by TimesNow.com.ng, food product prices have doubled in recent months.
The continuous rise in the costs of these staple foods, alongside other commodities, has reduced Nigerians’ buying capacity, as many find it challenging to meet their daily dietary needs.
Source: TimesNow.com.ng
