Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Lagos chapter of the Poultry Association of Nigeria (PAN) has predicted a drop in the prices of eggs with the continued state farmers’ feed subsidy.

The PAN state chairman, Mojeed Iyiola, disclosed this recently, saying that the initiative aims to boost local agricultural production.

The Lagos State government, via the N500 million Ounje Eko Farmers Subsidy Programme, is empowering farmers with a 25% subsidy on animal feeds, specifically, poultry and fish.

The feed subsidy distribution began on February 5, 2025, and will be done all Wednesdays in February.

Findings show that a crate of eggs sells for between N5,000 and N6,000, depending on the size.

Data shows that in the first quarter of 2024, a crate of eggs sold for between N2,800 and N3,000.

The News Agency of Nigeria (NAN) reported that the PAN chairman praised the state government and the Ministry of Agriculture and Food System for intervening.

Iyiola expressed hope that the initiative would lead to a drop in egg prices, saying that the feed distribution from the state is a great idea.

“The future is looking bright for poultry farmers. We are indeed happy and grateful to the Lagos State Government for the intervention,” he said.

The NBS) released the December 2024 food price watch, which shows the growing concerns about the soaring food items for Nigerians.

The report said the price of essential food items such as beans, rice, onion, and beef has spiked.

For beans, NBS said an average of 1kg brown beans sold loose rose to N2,501.32, marking a 187.29% yearly increase from N870.67 in December 2023. 

However, prices dipped slightly by 8.07% monthly relative to N2,720.96 recorded in November 2024. 

Similarly, the price of 1kg of onion bulbs surged by 111.74% year-on-year, climbing from N971.86 in December 2023 to N2,057.81 in December 2024. 

Every month, onions saw a 9.57% rise, from N1,878.00 in November 2024. Palm oil (1 litre) also saw a sharp apike, rising by 81.18% yearly to N2,582.35 from N1,425.32 in December 2023.

The price rose by 4.68% per month, up from N2,466.79 in November 2024.

Legit.ng earlier reported that the Poultry Association of Nigeria (PAN) has revealed another increase in egg prices, blaming low production and high feed costs.

Mojeed Iyiola, the PAN Lagos state Chairman, said that the rise egg prices is also due to scarcity.

The Nation reports that Iyiola cited the cost of maize, which is used to feed the chickens, as a major reason for the hike in fuel prices.

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Source: Legit.ng