Egg price hike caused by feed cost - Poultry farmers – Newstrends
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Egg price hike caused by feed cost – Poultry farmers

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11 months ago

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Egg price hike caused by feed cost – Poultry farmers

The Poultry Association of Nigeria (PAN) has blamed the consistent hike in egg prices on low production and high cost of feed.

The PAN Lagos state Chairman, Mr Mojeed Iyiola, and other stakeholders in the sector disclosed this in separate interviews with the News Agency of Nigeria (NAN) on Wednesday in Lagos.

NAN reports that the price of egg has increased tremendously, making the common source of protein in the past out of the reach of many Nigerians.

NAN also reports that a crate of egg sells between N3,800 and N4,000 from the farm gate and above N4,500 in retail shops and markets against N3,200 to N3,500 it was sold in May.

A tonne of maize currently sells for N800,000 as against N400,000 in January.

Iyiola attributed the persistent hike in the price of eggs to scarcity.

“The reason for the current hike in the price of eggs is that eggs are very scarce now.

“Most farmers have sold off their old layers, and to get new stock is very expensive as the price of a day-old chick is becoming unbearable.

“Farmers able to buy day-old chicks are considered to be well-to-do. Also, a majority of our local farmers have shut down their farms due to the high cost of feed.

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“Presently, a kilogramme of maize costs as high as N850 as against N400 to N500 that was being sold for at the beginning of the year.

“The same thing applies to soya and the groundnut cake, the prices have increased astronomically,” the PAN chairman said.

He, however, said that the increase in the cost of eggs is not commensurate to the rate at which the cost of feed materials are increasing.

“In fact most farmers are running at a loss. That is why the only existing farmers are trying to keep the sector running.

“Even if a crate of egg sells at N5,000, the farmers will only be managing to get by.

“We want to liaise with the food hub at Idi-oro, our farmers are complaining that they can no longer afford to sell at a loss.

“We supply eggs at the farm gate at N3,800 per crate and with the same logistics we still sell at N3,800 at the hub. This means we are running at a loss.

“With all these incurred logistics expenses a crate of eggs should be sold for N4,500 at the food hub,” he said.

According to him, the way things are going if things are not controlled, the sector may collapse entirely.

“It seems consuming eggs have become luxury in our diets.

“We have scheduled a meeting with the government to tackle the situation because there is nothing an individual can do on this issue. We need government intervention,” Iyiola added.

Also speaking, Mr Godwin Egbebe, the National Publicity Secretary PAN, attributed the hike in the cost of raw materials to the reason for the rise in egg prices.

“Early this month, a tonne of maize sold for N720,000 but as of today 12 June, 2024, it sells at N800,000. During the former President Buhari’s administration a tonne of maize was sold at N80,000.

“The increment is over 1,000 per cent, so you can see the reasons for the hike in poultry producers.

“The way forward is that government as a matter of urgency should bring in grains in the short term.

“And in the long term, they should ensure that farmers go back to their farms secured.

“Farmers are not producing enough grains because of insecurity. Palliatives cannot solve the problem, it is like a drop in an ocean. It makes little or no impact,” Egbebe said.

He said that in some supermarkets, eggs are being sold for N5,000 and above.

“Everyday we go to buy feeds, the price changes. As we speak, farmers are actually selling at a loss.

“Most farmers are not breaking even, so they are folding up, it is not funny anymore,” he said.

On her part, Mrs Theresa Muyi, a poultry farmer in Alimosho, decried the situation and the helplessness of local farmers to the persistent hike in feed prices.

“Poultry feed has gone up and we now sell a crate of egg from the farm gate between N3,800 and N4,000. The retailers sell from N4,500 and above.

“The price is still unstable because almost every week there is an increase in feed prices.

“Eggs seem to have become luxury to the common man as a piece of egg now sells at N200 and above,” Muyi said.

Egg price hike caused by feed cost – Poultry farmers

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Toyota Nigeria set to hold 2nd exclusive Toyota Motor Show in Lekki

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18 hours ago

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May 15, 2025

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Toyota Nigeria set to hold 2nd exclusive Toyota Motor Show in Lekki

 

There are high expectations as Toyota Motor Show second edition is set to hold in Lagos, between May 27th and June 1st, 2025.
The five-day exclusive programme, (excluding Friday 30th May), specially put together by Toyota (Nigeria) Limited, will take place between 11am and late evening, inside The Podium, located at 124 Tunde Kuboye Road, Lekki, Lagos.

A statement issued by Toyota (Nigeria) Limited said the exclusive Toyota Motor Show would provide an enabling environment for customers and prospects alike, to interact closely with the vehicles, among other benefits lined up at the show.
Old and new customers and prospects who visit the show stand to enjoy discounts offered at the show ground and deals sealed there, according to the auto statement.

The discount cuts across vehicle purchase, after-sales services and packages, parts, body and paint work and products while visitors stand a chance of seeing the process of buffing and polishing a vehicle with the Before and After effect, it stated.
“The international standard show also offers FREE vehicle diagnostics to all Toyota vehicles without exception plus visitors can test drive Toyota vehicles on the Show ground.

“It is a bumper Show that promises to be fun for all.
A wide range of wonders on wheels from the commercial and passenger segments will be on display and also dedicated booths for parts, after-sales service, body & paints, and our sales team would be on ground to interact with visitors”, the statement read.
The show ground is closed on Friday 30th May, 2025 only, and would resume on Saturday 31st May, through 1st June 2025,” TNL stated.
Last year, the vehicle display was held inside the well air-conditioned pavilion, with ample space for display of each of vehicles. It attracted a lot of quality customers from the private and public sectors.
Managing Director of Toyota Nigeria, Mr. Kunle Ade-Ojo, spoke on the idea behind the solo auto show, saying, “The Toyota Motor Show is a purpose-planned show with the main objective of creating a befitting and conducive environment for our teeming customers to be able to interact with our vehicles and relevant staff.

“We are happy to offer them discounts and special packages on our products, after-sales packages and deals sealed at the Show, in appreciation of their visit.

“I am pleased to add that there is an opportunity for visitors to test drive our vehicles, which we will make available at the Show grounds.

“And as a gesture of inclusivity, all Toyota vehicles, purchased from us or not, could be brought to us for a free diagnosis to determine its state of reliability.”

The Toyota MD also assured all visitors of an exciting and fulfilling time at the show.

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Naira extends gain at FX, offered at N1,596/$

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23 hours ago

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May 15, 2025

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Naira extends gain at FX, offered at N1,596/$

The Naira appreciated further on Wednesday, closing at N1,596.70 per U.S. dollar in the official market, continuing a positive trajectory seen in recent sessions.

Data published on the Central Bank of Nigeria’s (CBN) website indicated the local unit appreciated by N3.33 compared to the previous day’s rate.

This marks a 0.21 per cent gain from Tuesday’s closing rate of N1,600.03, reflecting sustained upward movement by the domestic currency.

The Naira had already recorded a slight increase of 0.02 per cent earlier in the week.

Analysts have linked the currency’s improved showing to better foreign exchange liquidity and consistent interventions by the CBN.

“Improved foreign exchange liquidity and sustained interventions by CBN” have been credited for the positive trend, according to market analysts.

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Observers also believe recent confidence in monetary policy reforms is helping bolster the Naira.

“Market observers also note that increased confidence in monetary policy reforms may be contributing to the currency’s steady performance in recent days.”

Despite persistent economic headwinds, recent market activity suggests a sense of cautious optimism among forex traders and investors.

“In spite of ongoing economic challenges, the recent movements suggest cautious optimism among traders and investors watching the foreign exchange market.”

The Naira’s performance this week remains under close watch as efforts continue to attract foreign capital and reinforce economic stability.

Naira extends gain at FX, offered at N1,596/$

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Microsoft to sack 6,000 employees

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2 days ago

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May 14, 2025

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Microsoft to sack 6,000 employees

Microsoft, an American multinational technology company, plans to lay off about 6,000 employees.

The company had 228,000 employees as of June 2024.

In a report on Tuesday, CNBC said the layoffs represent 3 percent of employees across all levels, teams, and geographies.

“We continue to implement organizational changes necessary to best position the company for success in a dynamic marketplace,” a Microsoft spokesperson said in a statement to the publication.

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“One objective is to reduce layers of management.

“These new job cuts are not related to performance.”

The development comes one week after the company announced Skype’s official shutdown.

Skype had been running for over two decades as a pioneering video and messaging platform.

The company had earlier announced the discontinuation on February 28, asking users to move to Microsoft Teams to retain their contacts and chats.

Skype confirmed the move, describing it as the end of an era for the platform that connected people globally for nearly 22 years.

The tech company said users have until January 2026 to transition or migrate their data before permanent deletion.

The tech company added that the decision aligns with its goal of streamlining communication tools

Meanwhile, in 2023, Microsoft said it would lay off about 10,000 or 5 percent of its workforce, as it responds to “macroeconomic conditions and changing customer priorities”.

Microsoft to sack 6,000 employees

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