The Poultry Association of Nigeria (PAN) has recently disclosed that the price of eggs will continue to rise due to inflation that has affected the prices of poultry feeds, amongst other problems.
Chairman Poultry Association of Nigeria (PAN) FCT chapter Pius Aminu disclosed this at an event to commemorate the 2022 World Egg Day with the theme “Egg for better Life’’, which was all about recognizing eggs as an incredibly unique source of protein and essential nutrients.
He said, “the increase in egg production is due to the high cost of feed across the country, thereby making it unaffordable to farmers, they also cited insecurity and lack of access roads to poultry farms among others, despite high demand.
“At the moment it’s very difficult for the price of eggs to come down, rather it will continue to rise because the demand is higher than supply due to a number of farms that have closed down.
“We are not sure how much we are going to buy eggs in the next month, it may go as high as N2,500 or more as the case may be. Exchange rates is really affecting micro ingredients used to formulate feed; so, for now, we do not know but definitely, I can’t guarantee that price will remain as it is now”.
He, therefore, urged the federal government to alleviate the plight of farmers by providing them with flexible loan facilities, grants, and also the provision of security to prevent farmlands from external attacks.
Nigeria’s food inflation has continued to worsen in the past few months as insecurity has forced a lot of farmers away from their farmlands where they should be cultivating and harvesting farm produce, Investors King understands.
According to NBS data, growth in Nigeria’s agricultural sector has been inconsistent and slowing since the fourth quarter of 2020, before it surprisingly rose to 3.58 percent in the fourth quarter of 2021 and slowed to 3.16 percent in the first quarter of 2022.
IBEDC Disconnects UCH Over N500m Debt, Critical Services Affected
The University College Hospital (UCH) in Ibadan, Oyo State, experienced a disruption in its power supply after the Ibadan Electricity Distribution Company (IBEDC) disconnected the hospital over a debt amounting to N500 million.
Dr. Jesse Otegbayo, the Chief Medical Director of UCH, confirmed the disconnection but refrained from elaborating on the exact cause.
IBEDC’s spokesperson, Busolami Tunwase, acknowledged the outstanding debt owed by UCH but denied that the disconnection was intentional.
Tunwase stated that while UCH owed the substantial amount, the power outage was due to a technical fault in the area, coinciding with the debt situation.
Despite repeated attempts to engage UCH in discussions to settle the debt, IBEDC had resorted to disconnection as a last resort.
The disconnection poses significant challenges to UCH’s critical services, affecting patient care and hospital operations.
While IBEDC emphasized its understanding of the hospital’s importance and commitment to resolving the issue amicably, the situation underscores the financial strains faced by healthcare institutions and the essential need for reliable power supply.
Efforts to negotiate and find a resolution between UCH and IBEDC are ongoing to restore normal operations and ensure uninterrupted healthcare services.
Oil and Gas Dealers Threaten Withdrawal as 70% of Downstream Businesses Collapse
The downstream oil sector in Nigeria faces a looming crisis as oil and gas dealers, represented by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), issue a stern warning of potential service withdrawal.
In a recent resolution following their executive committee meeting in Abuja, NOGASA expressed grave concerns over the collapse of approximately 70% of businesses in the industry due to the harsh operating environment.
President of NOGASA, Benneth Korie, highlighted the dire situation, emphasizing the challenges faced by oil marketers in funding operations amidst soaring bank interest rates.
Korie underscored the overwhelming burden faced by operators who are compelled to acquire funds at exorbitant interest rates upwards of 30%, exacerbating financial strain and hindering business viability.
The primary demand voiced by NOGASA is the pegging of the foreign exchange rate at N750/$ to facilitate refinery operations and stimulate the production of refined products domestically.
Failure to address these pressing issues, Korie warned, could result in the withdrawal of services by NOGASA’s over 200 members starting from the next month.
The downstream oil crisis coincides with heightened anticipation for the release of refined petroleum products from the Dangote and Port Harcourt refineries, seen as critical for alleviating supply shortages nationwide.
However, amidst forex crises and inflationary pressures, operators in the oil and gas sector confront mounting economic challenges, necessitating urgent government intervention.
As Nigeria navigates through turbulent economic waters, stakeholders eagerly await decisive action from authorities to salvage the downstream oil sector from imminent collapse and avert potential disruptions in fuel supply chains.
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