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Nigerian Poultry Farmers Warns About Increase in The Price of Egg Due to Inflation

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.

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poultry-farmers

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.

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Merger and Acquisition

Otedola Moves to Sell Part of Geregu Power Plc to FEDA

Afreximbank to acquire part of Geregu Power plant

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Geregu Power

Billionaire Femi Otedola-owned energy company, Geregu Power Plc is in talks with the Fund for Export Development in Africa (FEDA) for the acquisition of part of the energy company.

The company stated in a statement signed by Akinleye Olagbende, Company Secretary and made available on the Nigerian Exchange Limited (NGX).

Geregu Power hereby notifies “Nigerian Exchange Limited (the Exchange) and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares. FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank),” the company stated.

According to the energy firm, talks are presently ongoing and “where these talks progress to a more advanced stage, the company will notify the Exchange and the investing public in line with the rules of the Exchange.”

In October, Geregu Power listed 2.5 billion shares at N100 a unit on the Main Board of the NGX. This puts the company’s market value at N250 billion and also in a better position it to raise capital to bid for Geregu II as it is presently doing.

Speaking on the listing, the Chairman, Board of Directors, Mr. Femi Otedola, CON, said “the listing of the company was the actualization of a vision to bring world-class standards in governance sustainability, and business processes to the Company and the Nigerian electricity sector.”

He added that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders”.

Otedola is the largest shareholder in FirstBank and also holds a 99% stake in Amperion Power, the owner of the Geregu Power Plant.

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Merger and Acquisition

Access Bank Acquires Indirect Stake in Sigma Pensions

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Access Holdings on Friday announced it has completed the acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, First Guarantee Pension Limited (FGPL) with Sigma.

According to the bank, following the sanction of the Scheme of Merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up leaving Sigma as the surviving entity, according to Access Holdings.

Commenting on the transaction, Dr Herbert Wigwe, Group Chief Executive of the Corporation, said “Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business.”

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Company News

Dangote Group Dismisses Rumours of Plan to Rise Cement Price

Dangote Cement says no price increase

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Africa’s leading cement producer, Dangote Cement Plc has dismissed the rumor that it plans to increase the price of its products.

The clarification became necessary following a recent publication that Dangote Cement plans a fresh increase.

Recently, there has been some publication (Not Investors King) about a potential increase in the price of cement. The publications noted that the increase will be a result of the high cost of fuel among other prevailing issues. 

According to the Senior Manager, branding and communication, Dangote Industries Limited, Mr Sunday Esan, “Dangote Cement is not embarking on a price increase”, stating that the increase is mere speculation.

Meanwhile, Dangote Cement in the third quarter of 2022, recorded an increase in the overall volume of cement sales by 6.2 percent to 20.8 metric tons in the third quarter of 2022.

According to the company’s Chief Executive Officer, Michel Puchercos, this was achieved, despite the elevated inflation caused by a very volatile global environment.

Similarly, while speaking on the increase in the price of fuel, Puchercos said “to mitigate the impact of the significant increase in energy and AGO costs, we are strengthening our efforts to ramp up the usage of alternative fuels”.

“We are on track to commission our Alternative Fuel feed system at Obajana lines I and V, and Ibese line II in November. In addition, we are ramping up our investment in Compressed Natural Gas (CNG), to reduce our AGO usage,” he added. 

Investors King understands that Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. Although it has a few competitors which include BUA Cement, the company supplies most parts of Nigeria.

In addition, Dangote Cement has operations in 10 African countries. 

Its production plant in Obajana, Kogi state, is the largest in Africa with 16.25Mta of capacity across five lines while the Ibese plant in Ogun state has four cement lines with a combined installed capacity of 12Mta.

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