Small and Medium Scale Enterprises (SMEs) and Poultry farmers share their grievances as maize prices reach N600,000 per tonne. And the big question is how they can stay in business with this rampant increment in commodity prices.
Maize remains a highly consumed commodity by humans, poultry, and the livestock industry. In light of the recent increase in maize prices to N600,000 a tonne, industries are now facing challenges.
The situation is unbearable and not only forcing poultry farm owners to collapse their businesses, but it has also impacted the prices of food products in Nigeria.
Mr. Durodola Omolewa Kuteyi, the managing director of Spectra Industries Limited in Lagos, expressed grief over the situation and regretted that the SMEs utilizing maize for their manufacturing are all but out of business.
In response to the impact of the maize price increase, the South West Zonal Chairman of the Poultry Association of Nigeria (PAN), Mr. Gideon Oluleye, urged immediate action to salvage the business. He added that the farmers had yet to recover from the impact of the naira redesign strategy before the present difficulties.
Oluleye said that the marketing strategy to hoard maize is the main cause of the scarcity, which had led to a high cost of maize in the open market. He also said that removing the fuel subsidy had caused a galloping increase in the cost of inputs in the subsector, worsening the plight of farmers in the country.
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