Economy
SOME residents in Bauchi have expressed concern over hike in ram and sheep prices ahead of the Eid el-Adha celebration.Eid el-Adha or the “Fest of Sacrifice” is a significant holiday celebrated by Muslims to commemorate Prophet Ibrahim’s (Abraham) devotion to God.It is being observed on the 10th day of Dhul Hajj (the 12th month of the Islamic calendar).One of the central rituals on Eid el-Adha is the act of sacrificing a ram, sheep, goat or cow.The News Agency of Nigeria (NAN) reports that prices have skyrocketed by over 100 per cent in the past two weeks amid low demand of the animals.A NAN check at Kasuwan Shanu and railway livestock markets in Bauchi metripolis showed that traders were making lull businesses.A average ram was sold at N160,000 as against its old price of N80,000.A well bred bull was sold between N500,000 and N750,000 as against N250,000 and N450,000, it sold in the past weeks.Similarly, sheep and goat indicated similar increase in prices, as a medium size sheep sold for N100,00 and N45,000 as against N60,000 and N25,000, respectively.Mr Sani Ayuba, a resident, blamed traders for the unilateral hike in prices to exploit buyers.He said the traders jerked up the prices to make profit inview of the high demand of the animals for sacrifice during the festivities.Another resident, Ibrahim Usman, who bought a ram at N170,000, decried the exorbitant prices at the market.“I bought a ram at the Kasuwan Shanu at N170,000. This is much higher than the usual price.“Traders are taking advantage of the festive period to get more money from people needing the animals for sacrifice,” he saidHowever, Musa Zanna, an animal dealer, attributed the hike in prices to high cost of transportation and animal feeds.He said that animal dealers spent much on transporting the animals from village markets to the state capital. Zanna expressed optimism that prices would further drop in view of the increase in the supply of the animals. (NAN)
9th JUNE, 2024.
C.E.
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