Maize prices drop 33% but egg costs stay high

Prices of eggs and other poultry products have remained elevated despite a significant fall in the cost of maize – a major component in feed formulation.

Findings by BusinessDay show that prices of maize have dropped 33 percent between February and June 2025 to N450,000 per metric ton, from N600,000 quoted in January 2025. On a year-on-year, the price of maize has dropped by 50 percent.

Farmers attribute the decline in maize prices to glut resulting from bumper harvests recorded across key producing states. Globally, the prices of the grain are declining owing to record harvests from Argentina, Brazil and the U.S.

This month, corn futures dropped to around $4.20 per bushel, a six-month low as weather forecasts and supply projections improved in the United States.

However, the eggs have failed to crack as their prices remain elevated.

BusinessDay survey in major markets in Lagos shows that a big crate of fresh eggs sells for N6,000 as against N5,500 quoted last year.

Hazizat Temilade, secretary at Takeeb Farms, a feed processing facility in Lagos, said poultry farmers are unable to cut egg prices owing to the continuous surge in the prices of feed brands – other than maize.

Temilade explained that much of the maize used in production of feed mills were procured at higher prices and stockpiled, making it difficult for poultry farmers to slash prices.

“At the moment, we no longer use maize in our factory. This is because of the difficulty in local sourcing. However, for those who use it, the fall in maize prices cannot be reflected in the price of feeds,” she said.

Similarly, Ahmed Popoola, director of F.A Popoola Farm Project, reiterated that the prices of poultry feeds have not changed in the last two months, resulting in the high prices of eggs.

“In Badagry, Lagos, I have not noticed a change in poultry feeds,” Popoola, who is also a poultry farmer, said. “The prices are still the same as they used to be. Perhaps in the coming months, there will be a change with this drop in maize prices.”

Maize accounts for 60 percent of feed formulation in poultry and fish feeds. The crop serves as a key input in many manufacturing companies and the poultry industry. It is the leading cereal grown in Nigeria, closely followed by sorghum and rice.