Saturday, 08 August 2020 04:03

Prices of poultry, fish feed rise after CBN’s forex restriction

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Prices of poultry and fish feed have increased across the country weeks after Central Bank of Nigeria stopped issuance of forex for the importation of maize.

Traders and farmers attributed the hike in prices to the scarcity and sudden increase in the cost of the grain.

A market survey in Abuja and Akwa Ibom showed that a 25kg bag of poultry feed called “Starter” that sold N4000 before now, has since risen to N4200.

The feed meant for older birds, called finisher, now goes for N4000 from the previous price of N3700.

Also, a 15kg bag of Nigerian-made fish feed that sold for N7500 for 2mm before the announcement of the policy, has increased to N8100.

Similarly, the same amount of fish feed for 3mm fish size has now increased from N6300 to N7500, while its 9mm equivalent has increased to N5000 from N3900.

Poultry and fish farming have grown in Nigeria in recent years, helping to increase food supply and generate employment. But harsh economic conditions have kept the cost of business high and profit margins low. Maize is a key ingredient used in production of poultry and fish feeds.

On July 14, CBN announced ceasation of forex for maize importation, in an effort to boost local production.

Nigeria, over the last 10 years, has imported some 2,700,000 tons of maize.

In 2019, Nigeria produced 11 million metric tons with a consumption level of about 11.4 million metric tons, according to the data from USDA.