“The price of eggs in Lagos has risen sharply, attributed to increased costs of poultry feed materials driven by fluctuations in the Naira-Dollar exchange rate and middlemen’s profit-seeking practices, according to the Poultry Association of Nigeria (PAN), Lagos Chapter. Source: Vanguard
Our Review The Chairman of the Lagos State Chapter of the Poultry Association of Nigeria (PAN), Mr. Mojeed Iyiola, attributes the recent increase in egg prices to multiple factors, including fluctuations in the foreign exchange rate and the profit-seeking behavior of middlemen. In an interview with the News Agency of Nigeria (NAN), Iyiola explained that the prices of poultry feed materials have been steadily rising due to the unstable Naira-Dollar exchange rate. For instance, the cost of layers’ feed can escalate from N10,000 to N10,500 within a day due to these fluctuations. He highlighted that a significant portion of poultry feed components, except for maize which is locally sourced, are imported into Nigeria. This reliance on imports subjects prices to the volatility of foreign exchange rates. Furthermore, he criticized the practice of exporting soybeans by farmers seeking higher profits in neighboring countries, which reduces local availability and inflates costs. Regarding the pricing dynamics, Iyiola pointed out that despite selling crates of eggs at farm gate prices between N3300 to N3400, middlemen often raise prices further to maximize profits, exacerbating the cost burden on consumers.”
