The Poultry Association of Nigeria (PAN), Lagos State chapter, has predicted a decline in egg prices if the state’s farmers’ feed subsidy is maintained.
Mojeed Iyiola, Chairman of PAN Lagos, made this statement during an interview with the News Agency of Nigeria on Friday in Lagos.
The Lagos State Government, through its N500 million Ounje Eko Farmers Subsidy Programme (Ounje Eko FSP), is offering farmers a 25% subsidy on animal feeds, including poultry and fish feeds. This initiative is intended to enhance local agricultural production in the state.
The feed subsidy distribution began on February 5 and will continue every Wednesday throughout February.
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Currently, a crate of eggs is priced between N5,000 and N6,000, depending on the size, while in the first quarter of 2024, eggs sold for between N2,800 and N3,000 per crate.
Iyiola praised the Lagos State Government and the Ministry of Agriculture and Food Systems for their intervention. He expressed hope that if the initiative is extended beyond the initial four-week trial period, egg prices would decrease.
“The feed distribution from the Lagos State Farmers’ subsidy programme, which began on February 5, is a great government initiative. The future looks promising for poultry farmers, and we are truly grateful for the intervention,” Iyiola said. “We will start seeing the impact of this initiative in the poultry sector, and if it continues beyond the test period, we will definitely see a reduction in egg prices and other poultry products.”
However, Iyiola urged the government to prolong the initiative and extend it to a broader group of poultry farmers in the state. He emphasized that extending the intervention could prevent the closure of poultry farms, as many were forced to shut down last year due to high production costs.
“We were told the intervention would last for four weeks, and I believe it has the potential to improve the sector’s productivity. We hope the initiative will be extended and reach more poultry farmers across the state, as it will help prevent farm closures caused by the high cost of production,” he added.
