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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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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Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)

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Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)

 

Hyundai Motors Nigeria has expanded its sport utility vehicle (SUV) range with the introduction of the all-new Mufasa and Grand Creta, offering Nigerian motorists more choices in styling, performance, technology and passenger comfort.

The two models, unveiled in Lagos on Wednesday, are targeted at different customer segments, with the Mufasa designed for motorists seeking a stylish, five-seater SUV, while the Grand Creta offers a three-row, seven-seater configuration suited to larger families and customers requiring additional passenger space.

The launch underscores Hyundai’s efforts to strengthen its presence in Nigeria’s competitive automotive market, where demand for versatile vehicles that combine comfort, safety, performance and practicality continues to shape consumer preferences.

Speaking at the launch, Hyundai Motors Nigeria’s General Manager, Sales and Marketing, Mr Gaurav Vashisht, said the new models reflected the company’s commitment to providing vehicles that meet the changing needs of Nigerian customers.

“The SUV segment continues to attract strong interest in Nigeria, as customers increasingly prioritise comfort, safety, technology and versatility,” Vashisht said.

He also gave a rundown of the two new vehicles’ features even as he stated that the Mufasa and Grand Creta were designed to meet different lifestyle requirements while maintaining Hyundai’s global standards of quality and innovation.

 

Mufasa targets style-conscious motorists

The Hyundai Mufasa combines bold exterior styling with a spacious cabin and features designed for everyday driving. Its distinctive front grille, signature LED lighting and muscular bodywork give it a commanding road presence.

Power comes from a 2.0-litre Smartstream multipoint fuel injection (MPi) petrol engine paired with a six-speed automatic transmission. Depending on the market specification, the engine produces approximately 150–160 horsepower and 193Nm of torque.

The five-seater SUV measures about 4,475mm in length, with a 2,680mm wheelbase, providing room for passengers and luggage while retaining a practical footprint for urban driving and longer journeys.

Its cabin features a modern dashboard, digital displays and storage spaces, while available equipment, depending on the variant, includes touchscreen infotainment, smartphone connectivity, automatic climate control, wireless charging and selectable driving modes.

Safety and driver-support features include anti-lock braking, electronic stability control, airbags and parking assistance, subject to the vehicle specification.

The Mufasa is positioned as an option for professionals, younger motorists and families seeking a combination of contemporary design, technology and everyday usability.

 

Grand Creta offers seven-seat flexibility

The Grand Creta complements the Mufasa with a larger cabin and seating for up to seven occupants, making it suitable for families and motorists who prioritise passenger capacity and interior flexibility.

The SUV is powered by an available 2.0-litre Smartstream petrol engine producing approximately 159 horsepower and 191Nm of torque. A six-speed automatic transmission is offered on automatic variant.

Its 2,760mm wheelbase supports a spacious three-row layout, while the flexible seating arrangement allows occupants to adjust the cabin to accommodate passengers or luggage.

Depending on the trim, convenience features include an eight-inch touchscreen infotainment system with smartphone connectivity, rear air-conditioning vents, keyless entry, push-button start and a digital instrument cluster.

Higher-specification versions may also feature leather-appointed seats, ventilated front seats, automatic climate control, wireless charging and a panoramic sunroof.

Safety equipment offered across the range includes six airbags, anti-lock braking, electronic stability control, hill-start assist, rear parking sensors, a rear-view camera and ISOFIX child-seat mounting points.

The model is aimed particularly at larger families seeking additional space and comfort without sacrificing the styling and versatility associated with SUVs.

 

After-sales support in focus

Beyond the new models, Hyundai Motors Nigeria says it is focused on delivering a comprehensive ownership experience through its authorised dealership network, after-sales services and access to genuine spare parts.

Vashisht said the Mufasa would appeal to customers seeking bold styling, modern technology and dynamic performance, while the Grand Creta would cater to those requiring greater passenger capacity, comfort and versatility.

“Our objective is not simply to introduce new vehicles but to deliver a complete ownership experience,” he said, reaffirming the company’s commitment to building long-term customer confidence in the Hyundai brand.

The two additions expand Hyundai’s existing SUV portfolio, which includes the Creta, Tucson, Santa Fe and Palisade.

Their introduction comes as automakers compete to attract Nigerian buyers with vehicles offering a balance of comfort, safety, technology, performance and long-term ownership value.

With the Mufasa and Grand Creta, Hyundai is seeking to broaden its appeal across different customer categories while strengthening its position in Nigeria’s increasingly competitive SUV market.

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Happening now: Hyundai unveiling of Mufasa and Grand Creta

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Happening now: Hyundai unveiling of Mufasa and Grand Creta (photos)

Two latest models of Hyundai auto brands are currently being officially rolled out in Lagos. The new vehicles are Mufasa and Grand Creta.

The unveiling is taking place at the Hyundai showroom on Akin Adesola Street Victoria Island, Lagos.

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No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns

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No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns

 

The Federal Government has no plan to introduce a new tax on petrol, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said, dismissing reports that the administration of President Bola Tinubu intends to impose a five per cent levy on petroleum products.

Oyedele clarified the issue in a statement posted on his X account on Tuesday, insisting that a fuel tax was not being considered by the government.

“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.

His statement follows reports linking him to the proposed five per cent tax, which sparked concerns about a possible increase in the cost of petrol amid Nigeria’s persistent cost-of-living crisis.

Petrol prices have remained a major driver of transportation and distribution costs since the removal of the fuel subsidy, contributing to higher prices of food and other essential goods and services.

The prospect of an additional levy had raised fears that households and businesses could face further financial pressure.

However, Oyedele’s clarification indicates that the Federal Government is not currently considering the proposed fuel tax, amid broader efforts to reform Nigeria’s tax system and strengthen public finances.

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