Nigerians will continue to pay more for chicken and fish as the costs of maize and soybeans threaten poultry and fishes’ industry. The prices of chickens, eggs and fish have risen by about 50 per cent in recent months, causing concern for consumers.
The price increased so sharply because of the high cost of soybeans, maize and other ingredients used in the production of poultry feed. A crate of eggs costs from N1, 400 – N1, 500 depending on the location and size.
This month, the Executive Council of the Price Advisory Committee of Poultry Association of Nigeria (PAN) approved a new farm gate price of N1, 700 for a crate of normal size eggs from the old price of N1, 500. It was attributed to several challenges faced by poultry farmers in the country, ranging from the persistent rise in the prices of feed ingredients to the increase in the cost of production.
On the other hand, a carton of fish which they used to buy N7, 000 has suddenly skyrocketed to N37, 000 and N42, 000. As demand for fish rises, restaurants and individual homes confront rising prices. Stakeholders attributed this to the rise in feed costs.
Soybean and maize are major ingredients used for poultry and fish feeds. The higher feed costs are squeezing margins for livestock, fish, and poultry producers