Eid-El-Kabir: Price Surge As Ram Sells For N750,000
The situation for ram sellers in Badagry, Lagos State, is indeed challenging as the Eid-El-Kabir festival approaches. The News Agency of Nigeria reports that sellers are experiencing low sales due to the soaring costs. Here’s a summary of the situation:
Price Surge: Large rams are being sold for as much as N750,000, while medium-sized rams are priced between N350,000 and N400,0002.
Sales Comparison: Compared to last year, the sales have significantly dropped. One seller mentioned that by this time in 2023, he had sold over 50 rams, but this year, he has sold only ten.
Economic Factors: The increase in prices is attributed to the high transportation costs and the removal of fuel subsidies, which have led to an increase in transportation expenses.
Buyer’s Dilemma: Buyers are also feeling the pinch with prices more than doubling compared to the previous year. For instance, a buyer who purchased two rams for N280,000 in 2023 can now only afford one medium-sized ram for N400,000.
The economic strain is palpable, with sellers hoping for an increase in sales as the festival nears, while buyers are hesitating due to the inflated prices. This reflects broader economic challenges, including a cost of living crisis with inflation at a 28-year high of 33.69% and food inflation almost at 34% in Nigeria. The situation is a stark reminder of the impact of economic policies and global events on local markets and traditions.