The Miyetti Allah Cattle Breeders Association of Nigeria, MACBAN, said the current hike in prices of livestock and livestock products is due to the prevailing exchange rate and high cost of fuel.
The national president of MACBAN, Baba Ngelzarma, disclosed this to Newsmen on Friday in Abuja, adding that a surge in transportation prices negatively affected the livestock business.
According to him, the challenge had affected the source of livelihood of the pastoralists due to low patronage by retailers and butchers.
He said that a lot of the pastoralists and retailers had lost their businesses due to a lack of purchasing power.
The price of a fully-grown cow in 2022 ranged from N150,000 to N300,000, while at present it ranges from N500,000 to N2 million.
“One kilo of meat previously sold for N1500 to N2000 now goes for N5,500 to N6,000, depending on the location.
“Generally, inflation in the country, the high cost of petroleum and the escalating price of the dollar are the contributing factors to the high cost of cows across the country because prices of cow feed and medications have increased astronomically.
“Increase in cost of transporting cow from the forest to the market and from market to other parts of the country is another extra cost in addition to the cost of feeding, among others,” he said.
Ngelzarma urged the Federal Government to adopt a policy that would improve the naira as well as reduce the price of petroleum products.
He said that government must prioritise subsidy on consumables for easy access and affordability by the general public.
“Subsidising petroleum will create an avenue for corruption but when you subsidise food, the public will feel a sort of respite from the current inflation rate, and it will go a long way towards alleviating the suffering of Nigerians. The gesture will boost our economy and attract foreign exchange, ” he said
