Rising maize and soybean prices are devastating Nigeria's poultry industry

Published Jul 24, 2024

Tridge summary

The Nigerian poultry industry is facing severe challenges due to skyrocketing prices of maize and soybeans, which are crucial for feed. Prices have surged by 89.6% for maize and 68% for soybeans, exacerbated by insecurity and climate change. Despite being Africa's second-largest maize producer, Nigeria's output has declined, leading to shortages and threatening food security. The industry's value has plummeted by 45%, resulting in the loss of 25 million jobs over four years. Additional issues include decreased egg demand, foreign exchange shortages, bird flu, and high inflation. Industry leaders are calling on the government to tackle insecurity to boost maize production and stabilize the sector.

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

Original content

The Nigerian poultry industry is facing tough times due to skyrocketing prices of maize and soybeans, critical feed ingredients needed to keep birds healthy. Farmers are reporting massive job losses as prices for these key inputs hit record highs. Maize prices jumped to N910,000 per metric ton from N480,000 last year, an increase of 89.6%. Likewise, soybeans are now selling at N714,000 per metric ton, up from N425,000, representing a growth of 68%, according to BusinessDay market research. Insecurity and climate change have reduced productivity, driving up prices and pushing many out of the poultry business. Despite being Africa's second-largest maize producer, production has fallen and significant shortages have threatened food security. On Sunday, Ezeobiora, President of the Poultry Association of Nigeria (PAN), highlighted the 50% drop in maize production, which now stands at 7 million metric tons. The poultry industry requires more than four million metric tons annually, but ...

Source: Oilworld