- As price of bull jumps from N100,000 to N1.2m
The current economic crisis has tremendously affected Yobe State's thriving cattle business.
Before now, Potiskum Cattle Market is considered to be one of the largest in West Africa, where every Thursday no fewer than 70 trucks were loaded with cows for delivery to different parts of the country.
But like all commodities, the livestock industry faces a variety of market dynamics that impact the value of cattle. Since cattle cannot be stored like grain, they must be brought to market on a timely basis, with their prices influenced by many economic factors along the way.
Daily Trust on Sunday learned that the price of cattle skyrocketed as a result of economic reality which has forced many butchers to step aside from the occupation.
Isa Yunusa, a livestock seller in the market, told Daily Trust on Sunday that the price of the animals has increased just like the prices of all other commodities in the country.
"A small cow that we used to buy for N20,000 now costs N100,000 while a N100,000 cow in previous years now will cost you N1 million.
"The price of a bull has skyrocketed to N1.2 million or N1.5 million, so the livestock business belongs to the traders who have the capital in their hands. If you don't have capital, you cannot do this business.
"The world has changed, the prices of commodities, livestock, rent and many other things have changed. This inflation has affected everything," he added.
Ibrahim Adamu, a cattle dealer in Potiskum Livestock Market, told Daily Trust on Sunday that "Although every week, butchers and livestock traders transport cows and bulls from here and Kuka-Reta to some parts of the world, you can understand that our indigenous butchers have lost their capital.
"Some years back, I knew a lot of butchers who slaughter three bulls and cows daily but now I can confirm to you that one of these men is in Lagos now because he lost his capital and he borrowed money to recover but he ended up in jail. If not for one politician, he would have ended his life in prison as a result of debt," he added.
Chairman of the Yobe State Butchers Association, Alhaji Usman Muhammad Yellow, told Daily Trust on Sunday that over 200 cows were been slaughtered daily three years back, but the current predicament has changed the status quo.
"As a result of this inflation, a normal cow which we used to buy at the cost of N300,000 now goes for N750,000 or N800,000.
"Bulls which we used to buy at the cost of N600,000 or N750,000 each, is now N1.8m or N2m.
"Few years ago, more than 100 cows were slaughtered daily in Yobe State. Here in Damaturu, we slaughter at least 50 cows daily for public consumption but now, it is only on Sundays that we slaughter 10 or sometimes eight cows."
"Before, when the price of livestock or cattle increases, the price of animal feed will definitely go down because the prices of these two things will never be the same but now, the prices of both cattle and animal feed have skyrocketed. I have never seen a situation like this before," he said.
"One of the reasons for this situation is that there are some butchers who have capital which they use to buy 50 or 100 bulls and cows for three months of rearing and then sell them to make profit. These people are the ones taking advantage of this situation to increase the prices of these livestock.
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"There are also some butchers who will go to the market and buy two or three bulls, slaughter them and sell to small butchers so that at least they will earn some profit.
"Also, there are some butchers who used to buy cows and slaughter them but they have lost their capital but cannot quit their occupation. What they do now is to borrow money from their masters to buy cows at expensive prices, slaughter them, and sell the meat at affordable prices. Although they are running the business at a loss, they cannot leave the business because it's probably the only occupation they know/have. Some of them end up in jail because they could not pay back the money they borrowed," he added.
