Egg Prices To Drop In Lagos Over N500m Subsidy
The Poultry Association of Nigeria (PAN), Lagos State chapter, has projected a drop in the price of eggs with the sustenance of the state farmers’ feed subsidy.
The Chairman Poultry Association of Nigeria (PAN), Lagos State chapter, Mr Mojeed Iyiola, disclosed this on Friday in Lagos.
The Lagos State Government through its N500 million Ounje Eko Farmers Subsidy Programme (Ounje Eko FSP) is empowering farmers with a 25 per cent subsidy on animal feeds (poultry and fish).
The initiative is aimed at boosting local agricultural production in the state.
The distribution of the feed subsidy began on February 5, will be done all Wednesdays in the month of February.
A crate of egg currently sells between N5,000 and N6,000 depending on the size.
In the first quarter of 2024, a crate of egg was sold for between N2,800 to N3,000.
Iyiola also lauded the Lagos State Government and the Ministry of Agriculture and Food Systems for the intervention.
He expressed optimism that the initiative if sustained beyond the stipulated test run of four weeks would make the price of eggs to drop.
“The distribution of the feeds from the Lagos State Farmers’ subsidy programme which commenced February 5, is a fantastic idea of the government.
“The future is looking bright for poultry farmers, we are indeed happy and grateful to the Lagos State Government for the intervention.
“To a limited extent, we will begin to feel the impact of the intervention in the poultry sub-sector.
“We will definitely see a drop in the price of eggs and other poultry produce if this intervention continues beyond the four weeks test run,” Iyiola said.
The PAN chairman, however, urged the state government to continue the intervention and for its spread among more poultry farmers in the state.
“We were told the intervention will run for four weeks and I believe it has possibility of improving the productivity of the sector.
“We just hope the intervention will be extended longer and will reach a wider range of poultry farmers across the state.
“This will stop the closure of poultry farms as we witnessed last year due to the high cost of production,” the chairman said
Egg Prices To Drop In Lagos Over N500m Subsidy is first published on The Whistler Newspaper
