Connect with us

Business

Muslims groan as price of ram hits roof ahead of the Eid-el-Adha celebration

Published

on

Ahead of the Eid-el-Adha celebration, prices of rams and cows have risen sharply across markets in the country.

Chairman of the Lagos State Butchers’ Association, Alhaji Ismail Babalola Afisuru, said the price of a medium-sized ram now ranges between N400,000 and N800,000, while bigger sizes sell for as much as N2.5 million.

Many Nigerians expressed fears that worsening economic hardship may prevent them from observing the traditional sacrifice of rams and cows during the festive period.

A number of factors have been blamed for the high cost of the sacrificial animal, which is an integral part of the spiritual celebration.

In several states north and south, potential ram buyers are stunned by the huge cost of the animal necessary for the festival that is coming up on Wednesday worldwide.

Our correspondents across the country report their findings from markets in various states of the federation:

Lagos State

According to Alhaji Afisuru, cows currently cost between N2 million and N4.5 million, depending on size.

“As we approach the Ileya festival, the prices of rams and cows are becoming unbearable. Many Muslims can no longer afford them,” he said.

“The minimum price for a small ram is not less than N400,000, while medium and large sizes sell for between N800,000 and N2.5 million. Cows are also sold between N2 million and N4.5 million,” he added.

Afisuru attributed the rising cost of cows to low supply, alleging that livestock dealers from the northern parts of the country are focusing more on supplying rams because of increased demand during the festive period.

“This is a seasonal business. The dealers from the North want to maximise profit by supplying more rams while reducing the supply of cows. This has largely contributed to the high cost of cows,” he said.

He appealed to the government to address insecurity in parts of Northern Nigeria to ease transportation and livestock supply.

“We are appealing to the government to ensure peace in troubled areas in the North so that traders can travel safely and purchase livestock without difficulties,” he added.

Abuja

At the popular Kugbo Ram Market in Abuja visited by Saturday Tribune, the price of big rams ranges between N450,000 to N1.2 million and the smaller ones between N300,000 and N150,000.

Some intending buyers who spoke to Saturday Tribune complained bitterly about the price of the rams which they said is above their reach.

Umar Lukman told our correspondent that he would either settle for a goat or share the price of the ram with another customer who would be willing to.

He said he came to the market with a budget to buy a N200,000 ram.

“The prices of the rams are not affordable for me this year and maybe I’ll have to settle for a goat or if I see anyone that we can pool resources together to get a ram of about N400,000. We understand the situation of things in the country but I never knew I would get a befitting ram at around N200,000 because that is what I brought here. May we celebrate many more of Eid el Kabir and may Almighty Allah spare our lives to celebrate many more,” Lukman said.

See also  CBN blacklists top loan defaulters

A ram seller, Abdullahi Abdurahaman, while giving reasons for the rise in the price of the rams, said they had to take into consideration the money used in transporting the rams to the market and the feeds for the livestock. He stated that the fuel price hike also contributes greatly to the price of the rams compared to last year.

How much did we sell last year if you remember? Then petrol price was around N700 and N750 but today it is sold between N1,350 and N1,400, so what do you expect? We are not happy either, because it has affected our sales. People are complaining and there is little we could do. Remember, we also have to factor the price of the feeds into what we are selling,” he stated.

Kano State

Livestock traders disclosed that the price of a small ram now ranges from ₦250,000 to ₦450,000, while cows are being sold for between ₦850,000 and ₦1.5 million, depending on their size and breed.

Findings from an investigation conducted across Tarauni and parts of Kano metropolis showed a sharp increase in the prices of livestock compared to previous years, placing the animals beyond the reach of many low and middle-income earners.

Residents interviewed blamed the situation on inflation, rising food prices, and the removal of fuel subsidy, which they said has worsened the economic condition of ordinary citizens.

Alhaji Murtala Ahmed, resident of Hotoro, lamented that his family, which usually buys at least one ram every Sallah, may not be able to afford one this year.

“We used to buy at least one ram every year for Sallah, but this time the prices are beyond our reach,” he said.

Another resident, Alhaji Yahya Muhammad, in Kano city, described the development as painful, noting that the rising cost of transportation and basic commodities has affected both buyers and sellers.

Several civil servants also complained that their monthly salaries can no longer meet basic family needs, making it difficult to purchase sacrificial animals for the celebration.

Livestock dealers, however, defended the increase in prices, attributing it to high transportation costs, insecurity along cattle routes, and the increasing cost of animal feed.

Oyo State

Ram sellers at UMC, Oke-Ado in Ibadan, expressed concern over low patronage.

Saturday Tribune observed at the market that buyers were not turning up in expected large numbers despite the availability of rams.

Findings revealed that ram prices currently range between N300,000 and N600,000, depending on the size and breed.

At the Railway Line at Iyaganku, and Liberty Stadium Road, traders complained that interested buyers were left helpless when they find that rams are costlier than their budget.

They cited high cost of transportation occasioned by energy costs.

Sellers explained that transporters charge between N10,000 and N15,000 for each ram brought into Ibadan from northern Nigeria.

Ram traders, Ishola Ganiyu and Olawale Roheem, blamed the poor sales on the general economic hardship in the country.

See also  Nigerians spend N50bn on US visa applications

Sokoto

Both ram sellers and buyers in Sokoto lamented low patronage and the high cost of livestock in the market.

At the popular Kara Market in Sokoto on Friday, Saturday Tribune found that an average ram which sold for less than N150,000 last year now costs about N250,000 in the market.

Alhaji Imran Shehu, a ram seller in the market, described the current prices as unavoidable.

According to him, “The high cost of rams is due to many factors, including insecurity and the high cost of animal feed, among others. Most of the people who sell rams to us have been displaced by insurgency. The few who are still in the business are barely operating because of fear. This is apart from the high cost of feeds.”

Mallam Ismail Haruna, a buyer who also spoke with our correspondent, said the high cost of rams had forced many families to rethink plans to slaughter rams this year.

Kwara

Ram sellers in parts of Kwara State blamed insecurity in the country and the high cost of transportation, occasioned by increased fuel prices, for the exorbitant cost of rams.

Saturday Tribune gathered that the prices of sizeable rams start from between N170,000 and N250,000 in some popular markets such as Mandate, Zango, Fate and Asa Dam areas of Ilorin, while bigger ones sell for between N500,000 and N1 million.

The ram sellers expressed worry over low patronage ahead of the Eid-el-Kabir celebrations, attributing it to the prevailing economic situation in the country.

The Vice Chairman of the Ram Sellers Association, Agric Branch, Ilorin, Ibrahim Wasiu, blamed the low patronage to the low purchasing power of customers, saying the increase in the pump price of petroleum products, insecurity and delays in salary payments had negatively affected sales.

Also speaking, Abdulmalik Olawale said in addition to insecurity, bad roads had prevented livestock farmers from visiting the rural markets.

He appealed to the government to provide security in rural communities to prevent livestock farmers from relocating to other countries.

Ondo State

Checks at ram markets at Ilesha Garage and Agape Junction at Road Block in Akure showed that small-sized goats now sell for between ₦120,000 and ₦250,000, while medium-sized rams cost between ₦300,000 and ₦700,000 depending on breed and size.

Large and well-bred rams, which are usually preferred by wealthy families and groups, were found selling for as high as ₦800,000 to about ₦1 million.

Some of the dealers attributed the increase in prices of the rams to the high cost of transportation, insecurity along major supply routes from the northern part of the country, and the rising cost of animal feed and general inflation affecting the economy.

One of the ram sellers at the Agape junction, identified simply as Ibrahim, said traders were also struggling with low patronage as many families could no longer afford the prices unlike the previous years.

He noted that despite the rising prices, Muslim faithful have continued to troop to markets in search of affordable for rams.

See also  NNPC eyes $60bn investment, targets 600tcf in new master plan

One of the faithful seen at the ram market, Alhaji Adams, expressed optimism that the prices of the rams will still fall some days before Salah.

Plateau State

The high cost of rams has forced many people to abandon the idea of buying rams this year for the celebration.

Saturday Tribune findings in Jos, Plateau State, revealed that a medium-sized ram, which sold for N250,000 last year, now costs about N350,000, while the prices of bigger sizes range between N500,000 and N1 million.

A ram merchant, Abdullahi Sule, revealed that many people are reluctant to buy rams this year due to the high prices and the country’s economic challenges.

According to him, there is a possibility that some rams may be returned to the farms or that prices may drop a few days before the festival.

He said many middle-aged civil servants have abandoned plans to buy rams and are turning to other alternatives for the celebration.

Ebonyi State

Livestock dealers across major cattle markets in Ebonyi State raised concerns over poor patronage and skyrocketing prices of rams, goats and cows, warning that many Muslim faithful may be unable to perform the traditional Sallah sacrifice this year due to economic hardship.

They said the sharp rise in the prices of rams, goats and cows is due to high cost of transportation and the exit of Fulani herders from Nigeria for the situation.

Chairman of the Goat Market in Abakaliki, Mallam Ahmadu Sariki, described this year’s patronage as “very dull,” noting that many Muslim families can no longer afford livestock for the Eid-el-Kabir celebration.

“Before now, patronage used to be encouraging, but this year it is very poor. Last year, patronage was about 80 per cent, but this year it is just 20 per cent,” he stated.

He explained that the prices of rams now range from N350,000 upward, compared to between N290,000 and N350,000 recorded last year.

“The family that used to buy three rams before can hardly afford one now. We are calling on the government to pay salaries promptly and assist Nigerians so they can celebrate Sallah comfortably,” he appealed.

Also speaking, the Chairman of the Cattle Market in Abakaliki, Alhaji Ali Gambo, said the high cost of cows and transportation had significantly affected sales.

“Sallah celebration is incomplete without rams or goats here in Ebonyi State. But because there are not many wealthy Muslims in the state, people now prefer smaller animals.”

He disclosed that a big cow which previously sold for about N900,000 now goes for between N1.5 million and N1.7 million and attributed the increase to the migration of Fulani cattle dealers out of Nigeria to neighbouring countries such as Chad and Cameroon.

“The Fulani herders have left Nigeria and are staying outside the country. This has contributed to the scarcity and increase in prices,” he said.

tribuneonlineng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Dangote beats US, ships N757bn jet fuel to Europe – Report reveals

Published

on

Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated N757bn, overtaking shipments from the United States and others.

This is as Nigerian jet fuel exports to the continent reached their highest level since the country became a net exporter of aviation fuel in 2024.

According to a market report by S&P Global Commodity Insights, the refinery’s exports came as the European jet fuel market turned increasingly bearish following a sharp decline in prices from the highs recorded during the Middle East conflict.

The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production.

The June export volume is equivalent to about 582.5 million litres of jet fuel. At an estimated domestic value of N1,300 per litre, the shipment is worth about N757.25bn.

On the other hand, aviation fuel exports from the United States fell sharply in the past months. The report showed that jet fuel exports from the United States to Europe declined steadily over the same period, falling from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May and further to 399,000 metric tonnes in June, leaving Nigeria as a bigger supplier to Europe during the month.

Commenting on the market, a trader attributed the oversupply partly to increased shipments from Dangote and the United States. “Jet is oversupplied because of high local refinery production; refineries pushed back maintenance to make the most of the high prices.

See also  CBN blacklists top loan defaulters

“The US and Dangote also shipped large volumes. Now there are some flows resuming through the Suez, too, from the UAE, but let’s see how it goes,” the trader was quoted as saying.

The report noted that the European jet fuel forward curve had weakened significantly after reaching record highs during the Middle East war, as traders now anticipate an oversupplied summer market amid weaker-than-expected aviation demand.

According to Platts, part of S&P Global Commodity Insights, the Northwest Europe jet CIF cargo financial assessment for July dropped to $981.75 per metric tonne on June 30, down sharply from the all-time high of $1,694.25 per metric tonne recorded on March 30.

Similarly, the August contract declined from $1,507.50 per metric tonne on March 30 to $968.25 per metric tonne by June 30.

The report added that Europe could receive even more jet fuel supplies in the coming months as the East-West arbitrage remains attractive, encouraging exporters in the Middle East and India to ship cargoes westward.

While flows from the United Arab Emirates and Kuwait were absent in June, shipments from Saudi Arabia increased to about 106,000 metric tonnes, up from 7,000 metric tonnes in May, while exports from India rose from 129,000 metric tonnes to 197,000 metric tonnes over the same period.

Despite the current oversupply, two European jet fuel traders reportedly told Platts that market conditions would depend largely on developments in the Strait of Hormuz and the pace at which Middle Eastern refineries recover from disruptions caused by the recent conflict.

See also  High borrowing costs threaten banks’ credit expansion - CBN

They also noted that stronger summer travel demand and refiners’ growing preference to maximise diesel production over jet fuel could gradually help rebalance the aviation fuel market.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that the Dangote refinery exported an estimated 1.66 billion litres of refined petroleum products in April 2026.

This was during the mounting tensions in the Middle East that caused disruption to global fuel supply routes.

An analysis of the NMDPRA’s April 2026 fact sheet showed that the country exported about 513 million litres of premium motor spirit, popularly called ‘petrol’; 534 million litres of automotive gas oil, also known as diesel; and 615 million litres of aviation fuel within the month in April.

The Dangote refinery is the only major functional refinery in Nigeria that currently produces enough refined petroleum products for both local consumption and export.

Nigeria has become a net petrol exporter for the first time in decades due to rising output from the Dangote refinery. The refinery had earlier exported about 434 million litres of petrol in March after domestic production exceeded local consumption levels.

The latest figures underscore Nigeria’s gradual transition from a major importer of refined petroleum products to an export hub within Africa. It was observed that jet fuel exports may rise further with the instability caused by the Middle East crisis, which disrupted traditional supply chains serving Europe and other regions.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading

Business

Shell, banks launch $3bn financing for oil contractors

Published

on

Shell Nigeria Exploration and Production Company Limited has partnered with nine Nigerian banks to launch a $3bn contract finance facility aimed at improving access to credit for indigenous oil and gas contractors executing projects for the company.

According to a statement, the financing scheme, unveiled on Thursday, is designed to provide credit support to local contractors handling projects for SNEPCo and will be available in both naira and United States dollars.

The participating banks are First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC, Standard Chartered Bank, First City Monument Bank, and Fidelity Bank.

Speaking at the signing of the Memorandum of Understanding in Lagos, the Managing Director of SNEPCo, Ronald Adams, said the initiative aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act by promoting greater in-country value retention.

“The initiative reflects the spirit of the Nigerian Oil and Gas Industry Content Development Act, which is aimed at in-country value retention. Our partner banks offer capital and discipline.

“SNEPCo brings contracts and domiciliation of payments that de-risk lending.

On their part, the contractors provide performance. Each is accountable to the others, and the mutual accountability gives the arrangement its strength,” he said.

The Vice President, Finance, Shell Nigeria, CJ Akwaeze, said the financing scheme demonstrates Shell’s commitment to supporting the growth of oil and gas operations in Nigeria.

The Chairman of the Petroleum Technology Association of Nigeria, Wole Ogunsanya, who was represented by Dr Joan Faluyi, described the facility as a major boost for indigenous contractors.

See also  DisCos install 228,614 meters in Q3, 2025 — NERC

Ogunsanya lauded the initiative as a “gateway to unlocking contractor financing issues, which will also drive efficiency in contract execution.”

Representatives of the participating banks also commended SNEPCo for introducing the financing arrangement, saying the partnership would strengthen local contractors, and pledged their continued support for the initiative.

SNEPCo said Nigerian companies have continued to play significant roles in its operations and project delivery. It noted that earlier this year, 43 wholly Nigerian companies participated in the turnaround maintenance exercise at the Bonga Floating Production Storage and Offloading vessel out of the 53 companies involved in the exercise.

According to the company, the Contract Finance Facility is expected to further strengthen the capacity of Nigerian companies and enhance value delivery in the operations of Nigeria’s premier deepwater producer.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading

Business

Nigeria faces lubricant squeeze as imports tighten globally

Published

on

Nigeria may face a lubricant supply squeeze in the coming months as tightening global base oil supplies and rising prices limit imports into West Africa, according to a report by global energy and commodity intelligence firm Argus.

The report, based on insights from Argus’ Head of Base Oil Pricing, Gabriella Twinning, said lower availability of base oils and rising global prices linked to disruptions caused by the US-Iran conflict are reducing offers into the West African market despite the announcement of a peace deal.

It noted that West Africa remains heavily dependent on imported base oils, with average annual imports standing at about 135,752 tonnes over the past five years. According to the report, the Dangote refinery expansion includes a base oil production unit, but the facility has yet to commence operations, leaving the region dependent on imports.

“Lower availability of base oils and rising global prices due to the continued disruption associated with the US-Iran war are curbing offers into the West African market despite a peace deal announcement,” Twinning stated.

On the region’s dependence on imports, Twinning said West Africa is a net importer of base oils, with average imports of around 135,752 tonnes annually over the past five years.

The report disclosed that the last major shipments arrived in March, warning that replacement cargoes are unlikely to be available from exporting countries throughout the summer. “The last large shipments arrived in March, and replenishment cargoes look unavailable from exporting nations over the summer,” she stated.

Explaining the supply constraints, Twinning said, “Bulk European Group I volumes, usually used for engine, marine and industrial oil lubricants and greases, are unavailable following PK Orlen’s five-week maintenance shutdown and restart at the end of May.

See also  CBN denies selling $1.2bn forex to oil firms

“Bulk volumes out of the US are also limited as refiners service domestic demand and stockpile volumes for hurricane season. Crude changeovers at some Group I US refineries are also hampering output.”

The report noted that Nigerian buyers could switch to alternative grades where product formulations permit. “Nigerian buyers could purchase Group II heavy grades as alternatives to Group I where formulations allow. These are more readily available outside Asia. However, Asian sellers are prioritising higher prices from blenders in South America,” Twinning said.

She further stated that volumes from Russia had also declined as several refineries undergo repair works. According to her, higher spot prices are also discouraging purchases into the region.

“Rising spot prices to record highs in June since the start of the conflict will also make any cargo unattractive to West African buyers given the complicated payment process,” Twinning said.

Warning of the implications for the local market, she added that West African blenders would need to increase ex-tank prices and bid levels to compete with buyers in other regions.

“Demand is rising despite the rainy season, when transport and logistics typically slow. This is because no replenishment cargoes have arrived since March and tanks are running dry,” she noted.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading

Trending