Butchers are struggling to stay in business as the price of a single cow has surged to as high as ₦2.5 million, exceeding the cost of some cars and pushing up meat prices for consumers.
The Lagos State Butchers Association raised the alarm on Monday, blaming insecurity in northern cattle-rearing regions and a recent hike in fuel prices for the dramatic increase in livestock costs.
Association patron Alhaji Bamidele Kazeem said cows that sold for about ₦1.7 million last year are now fetching between ₦2.3 million and ₦2.4 million, with some reaching ₦2.5 million in major markets.
“The car I bought in 2020 for ₦2.1 million is now cheaper than the price of a cow. That shows how costly cows have become,” Kazeem lamented.
He added that animals previously available for ₦1 million have become extremely scarce. “What we complained about last year is child’s play compared to the current prices,” he said.
Kazeem attributed the sharp rise to multiple factors, including reduced supply caused by insecurity disrupting livestock movement from northern states to southern markets.
“The supply has reduced because of insecurity in the country and, most recently, the increase in fuel pump price, which has made the cost of transportation skyrocket,” he explained.
He also pointed to delays in the Lagos State Government’s feedlot and ranching initiatives, forcing continued heavy reliance on northern suppliers.
“The local producers are not meeting demand because the feedlots and ranching programme of the state government have not started yet. We still depend largely on suppliers from the northern states,” Kazeem stated.
The situation has placed heavy financial pressure on butchers, many of whom are finding it difficult to purchase cattle and remain profitable while meat prices climb for households already grappling with high inflation.
Kazeem expressed hope that once local ranching projects take off, they would create jobs for youths and help bring down meat costs. “The gains of the ranch are enormous. It will provide job opportunities for our teeming youths and probably bring down the cost of meat,” he said.
