Market Survey: Ram Sellers Adjust Prices Days to Sallah Celebration

Market Survey: Ram Sellers Adjust Prices Days to Sallah Celebration

  • Ram prices have increased significantly in major markets ahead of the Eid el-Adha celebration later in June
  • The increase has been attributed to the cost of transportation, inflation and other economic challenges
  • The federal government is expected to announce public holidays on June 16 and June 17 for the Eid el-Adha (Feast of Sacrifice) celebration

With just days to the 2024 Sallah celebration, ram sellers across Nigeria have adjusted their prices in response to various market pressures.

According to sellers who spoke to Legit.ng, it now takes an average of N150,000 to buy the cheapest ram in the market and as much as N2 million to buy the best cow.

Ram sellers in Nigeria quote new prices ahead of Sallah celebration
Ram gets more expensive in Nigeria ahead of Sallah celebration Photo credit: Olukayode Jaiyeola, Dave Ibemere
Source: Getty Images

They attributed the increase to higher transportation costs driven by fuel price hikes and security challenges ahead of the Sallah celebration.

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Eid el-Adha (Feast of Sacrifice) is the second of the two main holidays celebrated in Islam.

Ram prices in market

In Ikotun, Lagos state, a ram seller who gave his name as Musa Jibirin, said:

"The cost of transporting rams has doubled in the past month. We have no choice but to pass some of these costs onto the buyers."

Another seller, Mohammed Bello, gave the price of his livestock as follows:

"Small sizes now cost N150,000 to N200,000, depending on the buyer's negotiating power. Medium sizes range from N250,000 to N450,000, depending on the choice.
"Big-sized rams now cost up to N700,000, and one of the best cows in his livestock is priced at N2 million."

Legit.ng monitored various online platforms, including the Ram Lover's Association of Nigeria.

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For example, a user, Alli Omo Balogun, shared:

"New Pure white 65kg ram . Price N400,000"

Nigerian bank announces ram loan scheme

Legit.ng previously reported that Yobe Microfinance Bank launched a new scheme that will give Muslims a chance to buy a ram on credit.

The ram loan scheme offers flexible repayment options, ensuring affordability for those interested.

The bank said it is mainly designed for civil servants and is ready for quick approval to ensure timely disbursement.

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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