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Price of ram in Nigeria surges by over 80% as high cost of feeds, banditry pushes price higher

Ram Cost.png Nigerians have lamented the high cost of ram this year during the Eid celebrations

Tue, 20 Jul 2021 Source: niarametrics.com

The prices of ram have surged by over 80% in major markets across Nigeria compared to last year as traders attribute the increase to the general increase in the price of items and insecurity in the north, caused by kidnapping and killings by bandits.

Notably, a big-sized ram now sells for an average of N280,000 compared to N150,000 recorded in the previous year.

Nigeria’s interior minister, Mr Rauf Aregbesola on Thursday last week declared Tuesday, July 20 and Wednesday, July 21 as public holidays in commemoration of this year’s Eid-el-Kabir celebrations.

A celebration, which is said to be the most important feast in the Muslim calendar based on the fact that it celebrates Prophet Ibrahim’s willingness to sacrifice his son (Ishmael) in submission to Allah’s command and Muslim Faithfuls celebrate this feast with the killing of rams.

There is a heavy aura of festivities in parts of the country with sizeable Muslim populations, with the major food markets filled with people buying and selling, and others moving rams and cows across the streets. However, ram traders have expressed mixed feelings concerning this year’s level of sales, as some have been impressed with turnover, while others lament low sales.

Meanwhile, the price of ram surged significantly this year, selling as high as N200,000 to N300,000 depending on the size of the ram and region. Nairametrics visited notable ram markets in the South West region of Nigeria and north-central in the usual fashion.

Lagos State

In Lagos State, Nairametrics visited 3 markets to get a feel of how the ram business is doing this year.

Mangoro ram market

At Mangoro ram market in Agege, the small-sized rams are being sold from a range of N25,000 to N70,0000, the medium sizes are sold within the range of N90,000 to N140,000, while the big sized ones sell in the range of N300,000 to N550,000.

- Mr Ismail, a ram dealer at Mongoro market explained to the Nairametrics Research team that prices of ram have significantly increased, lamenting that the same size of ram he bought for about N70,000 last year is now sold for N100,000 while the ones for N100,000 is currently about N130,000.

- He however painted a positive picture of the sales turnout. According to him, despite the significant increase in the price of rams the turnout of customers has been very impressive and encouraging compared to that of last year, which was marred by the COVID-19 pandemic.

- Danladi, another dealer within the market exclaimed that as of this time last year they had sold out their rams but the reverse is the case this year mainly because customers now prefer to buy a day to the celebration day or in some cases on the morning of the Sid celebration due to the security of their rams. “It is hassle-free for them to buy and kill it immediately and not have to keep and look after the ram,” he explained.

Kara Market

At Kara Market, just a short distance from Ojodu Berger, the prices of rams were similar to that of Mongoro market. However, it was observed that there were more trading activities taking place as customers kept coming in at intervals. Also, there was a scarcity of the big-sized rams as they were already sold out at the time of conducting this research.

- Alhaji Yusuf, a ram seller at the market, lamented that the increase in the price of rams and cows was due to the depreciation of the naira against CFA, as he imports his rams from the Chad Republic.

- Mr Hammed mentioned that he’s very impressed with the way customers have turned up this year. He stated that though the supply of rams to the market this year significantly outweighs that of last year, the prices have also surged immensely.

Abbatoir

There was less activity in the ram market of the Lagos State Abattoir located at Agege. Mr Aliu, a ram seller at the Lagos Abattoir market attributed the low patronage this festive period to the high cost of the animal, lack of money and the insecurity in the nation.

- He said, “there’s an increase in the price of rams this year and it happens every year. Why? Well, you know how Nigeria works. Everything is expensive. Last year, there was a huge turnout in sales as many people came out to buy rams, unlike this year where the smallest ram is selling at a price of N50,000 while the biggest at a price of N120,000 or more.“

- He also attributed the low sales to the fact that many of the Muslim faithful could not travel to Mecca as a result of the restrictions placed against traveling in order to mitigate the spread of the covid-19 pandemic. Hence, they are not fully moved to buy and kill rams this year.

-He also touched on the problem of insecurity as a major factor contributing to the surge. He said the farmers have been greatly disturbed by bandits in the north who kidnap them and request huge ransoms. This has discouraged traders from the south to embark on journeys north in order to buy cheaper rams.

Oyo State

Ojo Market, Ibadan

A visit to Ojo Market in Ibadan, Oyo State revealed that the prices of ram surged significantly as was witnessed in Lagos State. The traders highlighted domestic, high cost of feeds, and insecurity as a major bane affecting the prices of ram this year.

- Mr Alade, a major ram dealer at the market explained that though there are enough rams in the market this year compared to last year and even a year before, the price almost doubled. He stated that a medium-sized ram sold for an average of N90,000 last year has spiked to about N120,000, representing a 33.3% increase in price.

- Due to insecurity in the northern part of the country, traders could not travel to the north, instead, they buy from local farmers, who also because of the higher cost of feeding materials sell at a higher price.

- In the same vein, Malam Audu at Abbatoir market explained that because of the general increase in the price of commodities in the country, ram also increased because they also need to buy food items, medication amongst others, which do not come cheap.

Sabo Market, Ogbomoso

Trading activities in the market, was not much as observed by Nairametrics Research, which was attributed to the number of Muslims living in the area compared to other religions and its proximity to a more actively patronised market in Ilorin, Kwara State.

- Though the prices of ram increased significantly in the market compared to last year, it was not as high as Ibadan and the markets in Lagos State.

- While speaking to a ram trader in the market, who chose to remain anonymous, he explained that the smallest ram sells for an average of N35,000 depending on the bargaining power of the customer, while the biggest size could sell for as high as N200,000.

- He explained that though sales have not really been the best, it was still impressive compared to the previous year.

Kwara State

Taiwo Market, Ilorin

Sales turnover at Taiwo market was quite impressive as highlighted by the market leader, Mr Sesan. He told Nairametrics that this year’s sales turnover is quite impressive compared to the prior year, but with a huge price increase.

- In his own expert opinion as a trader, the major cause for the increase in the price of ram starts from the problem of insecurity, which has discouraged traders from traveling far north to buy rams and cows.

- Consequently, they have to buy within the state, due to the fear of banditry, which comes at a high price. The cost of animal feeds has also contributed immensely to the surge in the price of the animals, as they require good food to look healthy in order to attract buyers.

- Notably, he explained that the price of animal feeds from N2,500 to about N5,000, representing a 100% surge in price, while that of N5,000 at the initial stage now sells for an average of N10,000.

- He also highlighted that sales have really gone down. According to him “by this time last year and two years ago, we had finished selling the first batch and re-stocked, but this year, we are still on the first batch.”

Maraba Market, Ilorin

In the same vein traders at the market attributed the increase in the price of ram and cows to the general increase in the prices of items, which has only spread through animals.

- Nairametrics, however, sighted a rather scanty market and observed very little patronage in the market. While addressing the Nairametrics Research team, Mr Quadri, a trader in the market explained that the rams on display are homegrown breed and are very expensive as they could not travel north to get new rams.

- In his opinion, this is the major cause for the recorded increase in the price of the item and why there was not enough ram on display in the market, He, however, called on the federal government to help address the issue of insecurity in all parts of the country to encourage free movement across states.

Source: niarametrics.com