Good news for Nigerian households as egg prices have dropped by 10%, reversing a years-long trend of sharp increases. This welcome price adjustment has been driven by falling maize costs and improved stability in the foreign exchange market.
Markets Witness Significant Price Declines
A recent market survey reveals that egg prices have softened across major cities. In Lagos, the cost of a crate of eggs has fallen from approximately ₦6,000 to ₦5,400, while in Abuja, prices have dropped from ₦6,200 to ₦5,800, according to MSME data.
The price reduction aligns with a 33% decline in maize prices—a key poultry feed ingredient—which now sells for about ₦450,000 per metric ton compared to ₦600,000 earlier this year.
Industry Experts Credit Maize and Forex Stability
Sunday Ezeobiora, President of the Poultry Association of Nigeria, attributed the decline in egg prices to the reduced costs of maize and soybeans, essential components of poultry feed.
He told reporters, “With maize and soybeans becoming more affordable, we had to adjust egg prices. Our goal is to make eggs more accessible because a healthy economy benefits everyone.”
Ezeobiora also noted that a more stable naira has eased the cost of importing vital inputs like vaccines and supplements, further supporting lower production expenses, BusinessDay reports.
Farm Gate Prices Drop Further
At the farm level, the decline is even more pronounced. According to Ezeobiora, farm gate prices have fallen from ₦5,500 to around ₦4,800 per crate, although middlemen still inflate prices before eggs reach the retail market.
Olalekan Oluwafemi, Director of Popoola Farm Project in Lagos, emphasized the crucial role of feed costs in poultry pricing. “Feed remains the biggest factor in poultry pricing. While maize isn’t the only ingredient, it’s one of the most significant. Any change in maize price directly affects egg and poultry prices.”
Traders Adjust Prices to Reflect Market Realities
At Ikotun market, trader Olawale Adekunle confirmed the price adjustments to Legit.ng, stating, “Since last week, I have reduced the price of a crate of eggs. I used to sell at ₦6,100; now it’s ₦5,500. However, a single egg still sells for ₦250.”
Despite Progress, Challenges Remain
While this price correction is positive, significant challenges persist. Over the past two years, egg prices surged dramatically. A single egg that cost around ₦100 in 2023 rose to ₦150 later that year and hit ₦200 in early 2024, reflecting ongoing food inflation pressures.
Food Inflation in Nigeria
Recent data from the Nigerian National Bureau of Statistics highlights alarming regional disparities in food inflation. Borno State, in particular, recorded the highest inflation rates, largely due to security challenges disrupting supply chains.
