From Rotimi Asher Lagos
There is good news for households in Nigeria as egg prices dropped by 10%, reversing a years-long trend of sharp increases offering relief to consumers
Checks showed that a crate of eggs averaged between N5,499 and N6,200 across different markets in the country Farmers explained that the drop was due to cheaper maize and soybeans and the reduced cost of imported supplies
The drop in prices has been attributed to falling maize prices and greater stability in the foreign exchange market. Traders said the changes have lowered poultry feed and production costs.
A market survey showed that in Lagos, the price of a crate of eggs fell to about N5,400 from N6,000 while in Abuja, prices fell from N6,200 to N5,800, according to MSME.
The reduction comes as the price of maize, a key poultry feed ingredient, dropped by 33%, with a metric tonne now selling for N450,000 compared to N600,000 earlier this year. Speaking on the changes, President of the Poultry Association of Nigeria, Sunday Ezeobiora, said the decline in the prices of maize and soybeans had allowed producers to reduce egg prices. Ezeobiora told reporters: “With maize and soybeans becoming more affordable we had to adjust our egg prices.
We also want people to be able to afford them because the economy is for everyone”. He added that a more stable Naira has also reduced the cost of importing essential inputs like vaccines and supplements.
New egg prices at farms level in Nigeria have fallen even further. Ezeobiora noted that farm gate prices had dropped from N5,500 to about N4,800 per crate, though middlemen continue to inflate prices before eggs reach consumers.
At the farm level, prices have fallen even further.
Olalekan Oluwafemi, Director at Popoola Farm Project in Lagos, said feed costs remained the biggest factor in poultry pricing.
“Feed is the biggest determinant of pricing in the poultry value chain. While maize is not the only ingredient it’s one of the most significant. So any change in maize price will affect egg and poultry prices”, he said.
A trader at Ikotun market, Olawale Adekunle, also confirmed the new prices to Legit.ng, saying: “Yes, since last week I have reduced my price for a crate of eggs. Previously, I sold a crate at N6,100; now my price is at N5,500.
But, for now, a single egg remains at N250″. Despite the reported fall, there is still a lot of work to be done.
In the last two years, the price of eggs has skyrocketed. A single egg, which cost around N100 in 2023, increased to N150 later that year and reached N200 in early 2024.
The Nigerian National Bureau of Statistics had unveiled the latest food inflation rates.
The latest data showed that regions like Borno had the highest inflation rates, due to security troubles in the area.
