The poultry industry in Nigeria has witnessed significant growth in recent years, driven by increasing demand for poultry products.
However, the sector has been grappling with a significant challenge: the escalating cost of poultry feeds.
In this piece, Naija News highlights the impacts of the rising inflation rate on poultry farming in Nigeria.
The overall inflation rate in Nigeria has been on the rise, affecting the prices of various commodities, including feed ingredients. Corn, soybeans, and wheat, which are essential components of poultry feed, have seen substantial price increases.
Nigeria’s reliance on imported feed ingredients, such as soybeans, has made the poultry industry vulnerable to exchange rate fluctuations. A weaker naira can lead to higher import costs, which are eventually passed on to poultry farmers.
Also, the price of bags of corn and brown maize, which forms part of raw materials used in the production feeds for poultry use, has skyrocketed in the country.
It is worth noting also that as …