The poultry farmers in the country under the aegis of the Poultry Association of Nigeria (PAN) have blamed the double whammy of cash scarcity and high cost of raw materials for the 30 per cent increase in the price of eggs, as a crate of eggs, which earlier sold between N1,900 and N2,000, now sells between N2,400 and N2,600.
In an interview with the News Agency of Nigeria, the National Secretary of the association, Mr Godwin Egbegbe, said this is a new reality, adding that when price increases, it rarely comes down.
“There is an increase in the price of poultry produce because the price of raw materials keeps increasing every day.
“From the farm gate, we sell a crate of eggs to the wholesalers at N2,100 as against N1,800 to N1,900 we used to sell in December 2022.
“Even at the price of N2,100, we are just selling to avoid egg glut, we are barely breaking even.
“The price will keep being on the increase because of the cost of feed and other raw materials, coupled with the scarcity of the Naira,” Mr Egbegbe said.
“Most of the people that buy from us do mobile transfers, and the cash crunch has led to the continuous hike of poultry produces.
“We hope that when the Naira is in full circulation, the prices will go back to normal, but as of now, we cannot say.
“The problem of the cash scarcity has affected not only the poultry sector but across the entire agro space,” he said.