Poultry feed prices in Nigeria surge 164% in three years

Published 2022년 8월 2일

Tridge summary

Nigeria has seen a significant increase in the average price of poultry feed, rising by 168% over the past three years. This has led to a surge in the cost of chicken and eggs in the country, with broiler prices doubling and egg prices nearly tripling. The high feed costs, coupled with other factors such as border closures, the pandemic, currency shortages, insecurity, and the ongoing conflict in Ukraine, have had a severe impact on the poultry industry, which is valued at $4.2 billion and provides protein for over 200 million people. The rising food inflation, exacerbated by the dependence on grain imports and the decrease in domestic production, is expected to have broader implications for the economy, including increased food inflation, higher poverty rates, and the risk of starvation.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The average price of poultry feed in Nigeria rose at least 168 per cent in the last three years, a huge surge that underlines the scale of Nigeria’s food inflation in the last few years. On average, a 25 kilogramme of poultry feed, made mainly from maize, soybean, wheat, and millet, rose from N3600 in 2019 to between N8500 and N10,000 in July 2022, according to market surveys by the Centre for Journalism and Innovation Development (CJID). The cost is felt daily in homes as families pay more for chicken and eggs. A broiler sells for between N5500 and N7000 now as against N1500 and N2500 in 2018, while a crate of eggs rose from N800 to N1800. Food prices in Nigeria accelerated 20.6 per cent in June over the previous year, the fastest pace in 11 months, according to the National Bureau of Statistics. Headline inflation shot to 18.60 per cent, a five-year high. Prices of goods and services have rocketed in Nigeria stoked by several factors. Inflation worsened in 2019 after the ...

Source: Premiumtimesng