Economy
Eid-el-Kabir: Ram Sellers Bemoan Low Patronage as Customers Lament Exorbitant Prices in Kebbi
Ram sellers in Birnin Kebbi are complaining of low patronage as buyers lament exorbitant prices ahead of the Eid-el-kabir celebrations.
Some livestock markets in the state capital on Sunday showed that in spite of the sales moving at a snail speed, prices of animals were on the high side.
At the livestock market, Kara, in Birnin Kebbi, the rate of patronage was very low, compared to previous years.
In an interview, a representative of the Chairman, Livestock Dealers Association, Malam Aliyu Haido, said the business was not moving as expected, attributing it to lack of money in the hands of people.
He listed other factors to include non payment of government staff salaries, high cost of animal feeds and inflation which he said affected not only animals but also all marketable items.
Haido said an average ram that cost N60,000 in 2022, now goes for between N80,000 and N85,000; a goat that used to be N20,000 now costs N30,000.
He said a fairly large cow that was sold for N200,000 in 2022 now costs between N300,000 and N350,000.
He appealed to government to assist them with loan facilities to boost their businesses and make things easier for both buyers and sellers.
Malam Musa Mansur, also a ram seller in the state capital, said the business was frustrating, expressing the hope that salaries would be paid before Sallah celebration, to enable workers to perform the sacrifice.
He said many of their colleagues were pushed out of business due to high cost of transportation, high cost of the animals in addition to “over spending on security personnel at roadblocks”.
Mr Olanrewaju Lawal, a customer, linked the low patronage to shortage of money in circulation among the public and high cost of living.
Lawal attributed the high cost of rams and essential commodities to hike in fuel price “which virtually affects everything.
“However, we hope the new government will come up with palliatives to cushion the effect of subsidy removal”.
While lamenting the high cost of ram, Lawal recalled that last year, he bought two moderate sizes of rams at N53,000 and N60,000 but such rams now cost N75,000 and N85,000. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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