Business

Poultry farmers say crate of eggs may hit N10,000

Published

2 months ago

October 13, 2024

Trends Admin

crates of eggs

Poultry farmers say crate of eggs may hit N10,000

The Poultry Association of Nigeria (PAN) has warned that prices of eggs may increase from the current N5,500 to N10,000 per crate if urgent measures are not taken to support poultry farmers.

The rising cost of the protein is attributed to the high cost of transportation as a result of fuel subsidy removal as well as the indiscriminate increase in feed prices by the millers.

Musa Hakeem, PAN Secretary, FCT chapter, said this at a press briefing to commemorate World Egg Day on Saturday in Abuja.

Hakeem said the Federal Government must, as a matter of urgency, declare a state of emergency on egg production in the country given the serious decline in protein intake, saying Nigerians cannot afford to depend on the importation of eggs.

He pointed out, “If we should go by the proportional increase in the prices of these factors mentioned earlier, we will be buying eggs at N10,000 per create, but because we wanted to be compassionate, coupled with the importance of eggs for health, we left the price at the current price of N5,500.”

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Hakeem warned that the prices of the protein may change soon to N6,000 going by the increasing prices of poultry feed.

He said, “To the best of my knowledge, the last time we received any grain intervention from the government was three years ago, saying other responses by the government to cushion the high prices of food are only read on the pages of the newspaper.

He called on the government to ensure that they incorporate PAN into their intervention activities, as they possess data on all poultry farmers in the FCT.

He bemoaned the government’s neglect of the poultry subsector over time, stating that business owners have been operating independently and hoped that the industry would not collapse.

The Chief Executive Officer of Pest Agro Dealers, Jude Arikogu, lamented the indiscriminate increase in prices of feed by millers and also the low measurement of the feeds, saying “a 25 kg bag of feed is hardly up to 23 kg when put on our scale.”

Arikogu also lamented that poultry farmers are unable to raise finance from the banks as banks are not willing to finance them.

Former PAN executive Ibrahim Lamidi said the business environment is not favourable to them as they are only trying to ensure Nigerians have eggs on the table.

Lamidi encouraged Nigerians to always eat eggs in place of meat, saying eggs are more proteinous and cheaper.

Poultry farmers say crate of eggs may hit N10,000

Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

8 hours ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

9 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

1 day ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.