Business
Prices Of Cows, Goats Increase In Calabar
Prices of cows, goats and rams have increased drastically in Calabar, a survey has revealed.
Our correspondent who visited the Nasarawa Community Market in the outskirt of Calabar metropolis, reports that the animals were also scarce.
The investigation revealed that an average cow that used to be sold for between N90,000 and N110,000, now sells for between N150,000 and N180,000.
A bigger cow which was sold for between N120,000 and N140,000, now sells for between N200,000 and
N220,000.
A sizeable goat which was sold for between N7,000 and N9,000 now sells for between N10,000 and N13,000, while a bigger one which was sold for between N10,000 and N11,000 now sells for between N14,000 and N17,000.
Investigation also shows that a ram now sells for N25,000 no matter the size.
Malam Adamu Yunus, a trader at the market, told our correspondent that the increase in prices was due to the high cost of transportation. He disclosed that truck drivers complained of bad roads and had to pass through Enugu-Abakaliki road to get to Cross River.
Yunus explained that the roads leading to Cross River were in bad shape, particularly now that the rains were heavier.
A truck driver, Malam Musa Bichi, said he spent about two weeks from Maiduguri to Calabar, due to bad roads.
“We suffer too much on the way because of bad roads and many of our drivers do not want to come here again until the rainy season is over.
“The journey that would take not more than five days, now takes up to two weeks,” Bichi said.
He called on governments at all levels to do something about the roads to alleviate their sufferings.
Speaking on the rising price of goat, a restaurant operator in Calabar, Mrs Rose Edet, said she had since increased the price of a plate of food.
“I have to increase the price of my food from N400 to N500 a plate, ” she said.
A consumer, Mr Emmanuel Ekpo, who is also a trader at the Watt Market, said he was not aware of the increase.
“My own is to eat whatever they give to me and pay, if I am not satisfied, I request for extra plate.”
A housewife, Mrs Adama Inyang, said she leant of the increase some weeks ago when she went to buy food items.
“But there was nothing I could do than to buy according to what I had because this is Nigeria and we must survive.”
Efforts to get the views of the state Ministry of Commerce on the issue failed as no official was willing to talk.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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