The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) has attributed the recent surge in prices of livestock and livestock products in Nigeria to a combination of factors, including the prevailing exchange rate and high fuel costs.
Speaking to reporters in Abuja, the national president of MACBAN, Baba Ngelzarma, highlighted the adverse impact of rising transportation expenses on the livestock industry.
He noted that the resulting decrease in patronage by retailers and butchers has severely impacted the livelihoods of pastoralists, leading to the closure of many businesses.
Ngelzarma pointed out the drastic increase in prices, citing that while a fully-grown cow ranged from N150,000 to N300,000 in 2022, it now fetches anywhere from N500,000 to N2 million. Similarly, the cost of meat per kilogram has surged from N1500-N2000 to N5,500-N6,000, varying by location.
He underscored that inflation, escalating dollar prices, and soaring costs of fuel and essential inputs like feed and medications have collectively contributed to the soaring prices. Ngelzarma urged the Federal Government to implement policies aimed at stabilizing the naira and reducing fuel costs to alleviate the burden on consumers.
In advocating for targeted subsidies, Ngelzarma emphasized the importance of prioritizing support for food items over petroleum products.
He argued that while subsidizing food could mitigate inflation and benefit the general populace, subsidizing fuel might lead to corruption. Such measures, he believes, would not only ease the economic strain on Nigerians but also stimulate the economy and attract foreign exchange.
