Cows now cost more than cars as prices hit N2.5M, butchers cry out

Business

LAGOS, Nigeria (NPA) — The Lagos State Butchers Association has decried the persistent surge in cow prices, which have climbed to as high as N2.5 million, surpassing the cost of some used cars. The association’s patron, Bamidele Kazeem, disclosed this in an interview in Lagos, attributing the spike to insecurity, rising transportation costs, and delays in local ranching initiatives.

“Cows that sold for about N1.7 million last year are now going for between N2.3 million and N2.4 million. At one point, a cow was priced at N2.5 million in the market,” he said.

Kazeem said the sharp increase had placed significant pressure on both butchers and consumers, with many traders struggling to stay afloat.

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“The car I bought in 2020 for N2.1 million is now cheaper than the price of a cow. That shows how expensive cows have become,” he added.

He noted that cows previously sold for around N1 million had become increasingly scarce.

“If you find a cow for N1 million now, it’s surprising. What we complained about last year is nothing compared to the current situation,” he said.

Kazeem linked the trend partly to insecurity affecting livestock movement across parts of the country, as well as rising fuel prices.

“Supply has dropped due to insecurity, and the recent increase in fuel pump prices has pushed transportation costs through the roof,” he said.

He added that higher diesel and petrol costs had worsened logistics challenges, particularly for cattle transported from northern Nigeria, the primary source of livestock for Lagos markets.

Kazeem also said local producers had been unable to meet demand, as planned feedlot and ranching programmes in the state were yet to take off.

“We still rely heavily on suppliers from the northern states because local production cannot meet demand. The state’s feedlot and ranching programmes have not commenced,” he said.

He urged the government to fast-track implementation of the Eko Ranching Project, noting that it would boost local supply, reduce transport costs, and help stabilise meat prices.

“The benefits of the ranch are enormous. It will create jobs for our youths and likely bring down the cost of meat,” he said. (NAN)