According to a survey, egg prices have also fallen in other cities, with a crate now costing N5,800 in Abuja.
By Adegoke Oluwatobiloba Victor
The price of eggs in Lagos has dropped by 10 percent, bringing some relief to households. A crate of eggs now sells for about N5,400, down from N6,000. This is happening because the cost of maize, a main ingredient in chicken feed, has gone down, and the value of the Nigerian currency has become more stable.
According to a survey, egg prices have also fallen in other cities, with a crate now costing N5,800 in Abuja.
Mr. Sunday Ezeobiora, the president of the Poultry Association of Nigeria, explained why the prices have dropped. He said, "Considering that the price of maize and soybeans is falling, we had no choice but to drop prices of eggs."
He added, "We want people to be able to afford eggs because the economy is harsh. Also, there’s been stability in the naira, which has made imports of vaccines and others we use in poultry cheaper."
Mr. Olalekan Oluwafemi, a director at an agricultural firm in Lagos, also noted that the cost of poultry products is closely tied to the cost of feed. He said, "Although maize is not the only component in poultry feed, its contribution is significant, hence any price change can affect the poultry industry."
This news is a positive development for consumers. It shows how changes in a single raw material, like maize, can directly impact the cost of a basic food item. It also highlights the effect that a stable foreign exchange rate has on the economy, making it cheaper to import goods needed for farming.
However, the article also reveals a common issue: the difference between farm-gate prices and market prices. Farmers are selling a crate of eggs for a much lower price (N4,800), but middlemen add to the cost before it reaches the consumer.
This suggests that while a price drop is happening, farmers may not be benefiting as much as they should, and consumers are not getting the full discount.
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