Business
‘Low patronage, price hike’ — buyers groan as cost of rams skyrocket amid sallah preparation
In this year’s Eid-al-Adha, popularly known as Sallah, Muslim faithfuls are not ecstatic about shopping for rams amid the prevailing economic realities ushered in by recent government reforms.
Rams play a symbolic role during Sallah celebrations, transcending beyond the ‘festival of sacrifice’ — a major ritual among believers that requires the slaughtering of a ram.
For Muslims, Eid al-Adha commemorates prophet Ibrahim’s readiness to sacrifice his son in order to demonstrate his dedication to God.
The celebration is the second significant religious festival in Islam, with the first being Eid al-Fitr, which marks the end of Ramadan.
In Nigeria, owning a ram during this period adds to the mix of exciting activities as the animals sometimes provide entertainment in the form of ‘ram fights’ days before they are slaughtered.
These ‘ram sports’ usually attract a crowd of spectators similar to those found in actual sporting centres in some parts of the country.
But as prices continue to outpace disposable income following the removal of the petrol subsidy policy and reforms in the foreign exchange market, not all Nigerians will attract the spectacle of ‘owing victorious ram’ nor participate in the ‘festival of sacrifice’ this year.
Speaking with newsmen in various markets in Lagos, Ogun, and Abuja, traders and buyers shared unpalatable experiences as ram shopping took a different turn from previous years.
‘MARKET IS QUITE SLOW’
Abubakar Mohammed, a trader in Isheri, Kara market, Ogun state, said the level of patronage is low compared to last year, blaming “the lack of money” in Nigeria.
“The market is not active because people are not patronising, customers are little but we are praying to the Almighty Allah to make things better before the celebration. Due to the lack of money now in the country, it’s a bit poor,” Mohammed said.
Mohammed said patronage was so high last year that traders ran out of livestock, despite the surge in the prices of goods.
But this year, he said, the prices had to be brought down for sales to be made.
“The livestock we sell for the rate of N150,000 now goes for N100,000 or N110,000. Also, the cost of transportation is very high. So, we are trying to make sure we do our possible best so that our customers can celebrate this year’s Sallah,” he said.
The trader noted that transporting livestock from “Maduiguri to Lagos is now between ”N1.4 million to N1.5 million”.
Mallan Mohammed, another trader in the market, told newsmen that fuel cost has been a major hindrance to his business.
“Also, the cost of the feed is another thing to worry about. This year, a pack of food is between N9,000 and N8,000 but we bought these things for N3,000, N3,500 last year. The market sold out so quickly last year but we will keep praying that we have customers before the season ends.”
For Salisu in a market in Agege, the narrative is the same.
Unlike last year when traders were almost sold out before Sallah, he said, “we are still awaiting buyers” [as of Monday].
“We do not have the prices as high as before as we sell the least for N80,000, while the highest we have is about N150,000,” Salisu added.
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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