Ahead of the Christmas festivity, the price of grains on the Exchange and in the Open market increased week-on-week (w-o-w) as buy pressure weigh on existing supply.
Maize, soybean and cocoa increased by 7.21 per cent, 1.30 per cent, 0,01 per cent w-o-w.
In the international market, cocoa plunged by 6.69 per cent for the second consecutive week because of the ongoing harvest in cocoa-producing countries. It was the same trend in the domestic market as the cocoa price plunged 6.10 per cent.
The ACI and AEI increased by 0.08 per cent while the AEI dipped 0.47 per cent respectively.
With the consistent weakening of the naira against the US dollars, induced by the Xmas import surge, we expect commodity prices to remain pressured northwards.
In addition, the Poultry Association of Nigeria, Lagos State chapter has predicted an increase in the prices of poultry produce during the Christmas celebrations.
Its Chairman, Godwin Egbebe, made the assertion in an interview in Lagos.
Egbebe said the cost of the produce might go up due to the barrage of problems facing the poultry sector since 2019.
He said: “Poultry farmers are preparing in earnest for the yuletide season sales although we are faced with a lot of challenges.
“Security challenges have made it more difficult for a lot of our members to access their farms, a situation we believe will in turn impact on the price of poultry at the Christmas celebrations.
“Most poultry farmers are not making much profit presently due to their poor production output in recent times.
“When they leave their farms in the hands of not-so-competent staff, a lot happens and the farmers begin to run at a loss.
“These losses may also affect yuletide poultry sales and supply.
“With these barrages of problems, we predict an increase in the prices of poultry produce this Christmas in comparison to other years.
