Egg Prices Crashes in Markets, Traders Share New Cost for a Crate

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• New prices of Egg has dropped in Nigeria as the cost of maize costs fall offering relief to consumers
• Checks shows that a crate of egg now average between N5,499 and N6,200 across different markets in the country
• Farmers explains that the drop in egg price is due to cheaper maize and soybeans, as well as reduced cost of imported poultry supplies

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Good news for Nigerian households as egg prices drop by 10% reversing a years-long trend of sharp increases.

The drop in prices has been attributed to falling maize prices and greater stability in the foreign exchange market.

Traders said the changes have lowered poultry feed and production costs.

New egg prices at markets

A market survey shows that in Lagos the price of a crate of eggs has fallen to about N5,400 from N6,000 while in Abuja prices have fell from N6,200 to N5,800, MSME report.

The reduction comes as the price of maize a key poultry feed ingredient dropped 33% with a metric ton now selling for N450,000 compared to N600,000 earlier in the year.

Speaking on the changes, Sunday Ezeobiora President of the Poultry Association of Nigeria said the decline in feed prices especially maize and soybeans has allowed producers to reduce egg prices.

Ezeobiora told reporters:

“With maize and soybeans becoming more affordable we had to adjust our egg prices.

“We also want people to be able to afford them because the economy is everyone.”

He added that a more stable naira has also reduced the cost of importing essential inputs like vaccines and supplements, BusinessDay reports.

New egg prices at farms

At the farm level prices have fallen even further.

Ezeobiora noted that farm gate prices have dropped from N5,500 to about N4,800 per crate though middlemen continue to inflate prices before eggs reach consumers.

Olalekan Oluwafemi Director at Popoola Farm Project in Lagos said feed costs remain the biggest factor in poultry pricing.

He said.

“Feed is the biggest determinant of pricing in the poultry value chain. While maize is not the only ingredient it’s one of the most significant. So any change in maize price will affect egg and poultry prices.”

Despite the reported fall, there is still a lot for work to be done. In the last 2 years, the price of egg has skyrocketed.

A single egg which cost around N100 in 2023 increased to N150 later that year and reaching N200 in early 2024.

Today, traders average price is N250 per egg nationwide.

Food inflation in Nigeria

Earlier, Legit.ng reported that the National Bureau of Statistics has revealed that Nigeria’s inflation rates.

The latest data released by the NBS showed that Borno, Niger, and Plateau, which are facing security challenges, have the highest inflation rates

Additionally, the highest food inflation rates were recorded in Borno, Bayelsa, and Taraba states

Source: Legit.ng