Livestock Feeds has achieved a remarkable turnaround, recording its highest profit in seven years. The agricultural firm bounced back with an after-tax profit of N1.75 billion, a significant improvement from its recurring losses in 2022 and 2023.
This turnaround is a welcome development, especially considering the challenges faced by the livestock sub-sector. Femi Oke, chairman of the All Farmers’ Association of Nigeria, noted that the sector experienced increased feed prices in 2024. However, he expressed optimism that the situation would improve in 2025, if the government takes action.
The firm’s cost of sales increased by 84% to N35.2 billion in 2024, primarily due to rising maize and soybean costs, essential for poultry and pork feed. To address this challenge, the Federal Government and the African Union-Interafrican Bureau for Animal Resources Resilient African Feed and Fodder Systems Project launched a multi-stakeholder platform to provide producers with easy access to high-quality animal feed at competitive prices.
Aliyu Abdullahi, minister of state for Agriculture and Food Security, described the platform as a strategic move aligning with the government’s commitment to sustainable food production and national food security.
