The federal government announced in a tweet on Thursday, the release of 30,000 tons to animal feed farmers from the national reserve to ease the high cost of poultry production.
President Muhammadu Buhari who blamed the high prices on corrupt middlemen said every effort is being made by the administration to tackle the spiraling food prices.
“We are very mindful of the challenges of high food prices, at a time when the economy is already in a slowdown caused by the global coronavirus situation, and we are doing everything in our power to bring down the prices of food items across the country,” He said.
According to the National Bureau of Statistics (NBS) in their last report, food prices have accelerated 15 percent to 15.48 percent in July 2020 from 13.4 percent in July 2019.
Consumer prices have jumped to more than a two-year high of 12.82 percent in July from 11.08 percent from a year ago mainly fuelled by the surge in food prices.
The high cost of key inputs such as seeds, vaccines, and feeds across the country is frustrating farmers who are currently struggling to survive the difficult moment.
Prices of poultry feed have increased across the country weeks after the Central Bank of Nigeria stopped the issuance of forex for the importation of maize.
A survey by BusinessDay at some markets in Lagos shows that a 25kg bag of layers marsh now sells for N3,600 as against N3,200 sold prior to the COVID-19 outbreak, while broiler finisher marsh now sells for N4,200 as against N3,750 pre-COVID-19.
The feed meant for older birds, called finisher, now goes for N4000 from the previous price of N3700.
“Let me assure Nigerians that the situation of spiralling food prices will be a transient one,” he said.
President Mohammadu Buhari blames the high food prices on corrupt middlemen and other food traders who serve as the link between farmers and consumers. The middlemen create artificial scarcity so that they can sell at a higher price.
“We are also engaging with food producers association and groups to tackle the issue of exploitative behaviour by middlemen and other actors, which is one of the factors responsible for the high food prices being experienced,” he said.
