Soaring maize, soybeans prices devastate Nigeria’s poultry industry

By Chinyere Anyanwu

The Nigerian poultry sector is reeling from the skyrocketing costs of maize and soybeans, crucial feed components needed to keep the birds healthy.

Farmers report massive job losses as prices of these key inputs hit record highs.

Maize prices have surged to N910,000 per metric ton from N480,000 last year, an 89.6% increase. Similarly, soybeans now sell for N714,000 per metric ton, up from N425,000, marking a 68% rise, according to BusinessDay’s market survey. Insecurity and climate change have slashed productivity, driving up prices and pushing many out of the poultry business. Despite Nigeria being Africa’s second-largest maize grower, production has plunged, with significant shortfalls threatening food security.

Sunday Ezeobiora, President of the Poultry Association of Nigeria (PAN), highlighted a 50% drop in maize production, now at 7 million metric tons. The poultry industry requires over four million metric tons annually, but soaring feed costs and supply chain disruptions have shrunk industry value by 45%, from N10 trillion in 2022 to N5.5 trillion.

The sector faces additional pressures from declining egg demand, foreign exchange scarcity, avian influenza, and rampant inflation. PAN estimates the industry has lost 25 million jobs over four years due to persistent challenges.

First-quarter growth in 2024 contracted by 23.29%, reflecting ongoing industry woes. Onallo Akpan, an Abuja-based poultry farmer, pointed to the devastating impact of inflation, currency volatility, and smuggling, noting many farms are shutting down. He criticized government efforts to import maize as insufficient amid the myriad challenges.

Ezeobiora and Akpan urge the federal government to address insecurity to revive maize production and stabilize the poultry sector.