Livestock Trade: Nigeria’s economic woes hit Eid sales
Few Nigerians can escape the country’s economic troubles, includes Muslims preparing for Eid
The fall in global oil prices has hit the crude-reliant economy hard for the last two years, squeezing government revenue, weakening the naira and forcing up inflation to more than 17%. PHOTO: FILE
NIGERIA:
With the naira currency in free fall and inflation soaring, few Nigerians can escape the country’s economic troubles, and that includes Muslims preparing for Eidul Azha. Livestock traders and buyers said the sale of rams for the annual festival had dropped sharply compared to last year. “Last year, by this time, I had sold over 30 rams but this season I have sold only four,” said Ibrahim Shuaibu, a ram trader. Nigeria officially plunged into recession last month after the second successive quarter of negative growth. The fall in global oil prices has hit the crude-reliant economy hard for the last two years, squeezing government revenue, weakening the naira and forcing up inflation to more than 17%.
Published in The Express Tribune, September 11th, 2016.
With the naira currency in free fall and inflation soaring, few Nigerians can escape the country’s economic troubles, and that includes Muslims preparing for Eidul Azha. Livestock traders and buyers said the sale of rams for the annual festival had dropped sharply compared to last year. “Last year, by this time, I had sold over 30 rams but this season I have sold only four,” said Ibrahim Shuaibu, a ram trader. Nigeria officially plunged into recession last month after the second successive quarter of negative growth. The fall in global oil prices has hit the crude-reliant economy hard for the last two years, squeezing government revenue, weakening the naira and forcing up inflation to more than 17%.
Published in The Express Tribune, September 11th, 2016.