Business
Eid-el-Kabir: Epe Residents Lament High Cost Of Livestock
As Nigerians prepare for next week’s celebration of Ei-el-Kabir, the residents of Epe in Lagos State have lamented the high cost of livestock, The Tide source reports.
A check by a Correspondents of NAN source shows that while livestock sellers have decried low patronage, customers on the other hand say the cost is high.
The Tide source observed that though the livestock are available at the popular ram markets at the Oke-Oyinbo and T-Junction in Epe respectively, sellers are complaining of low patronage.
Mr Waheed Alaka, a buyer at T Junction Cattle Market, expressed his displeasure over the ridiculous prices of ram this year.
Alake, who said that Muslims this time last year, had started buying rams and keeping in their homes for the Sallah celebration, however, noted that the reverse was the case this year.
“There are lots of livestock available for sale but because of high cost,there is low turnout of buyers.
“I wish as Sallah draws closer, the sellers will reduce their prices,” he said.
Another buyer, Saheed Lawal, expressed optimism of a reduction in the cost of ram when more rams flood the markets in days to come.
“The competition is low for now. By the time more livestock dealers bring more rams to the community, I believe the prices will fall,” he said.
Yet another customer, Mr Kabiru Hassan, told newsmen that the size of a cow that sold for N120,000 last year, now sells for as much as N180,000.
“I came to the market to buy one cow and two rams. But unfortunately, the money I have can only afford one cow.
“I wish something urgent can be done to regulate the prices of livestock in the market,” he said.
Mrs Toyin Aladesanmi, a buyer, who expressed her disappointment at the astronomic price of rams at Oke-Oyinbo livesstocks market, saying the market had been highly recommended because of its relative cheap prices.
“A friend of mine recommends this market to me. That live stocks are relatively cheaper here but on getting here, it is another ball game entirely.
“As you can see the size of the ram I have just purchased for N75,000, the same size sold for N50,000 last year, she said.
The Chairman, Cattle Dealers Association at Oke-Oyinbo Market, Alhaji Abubakar Danyaro, attributed the high cost of livestock to the current economic hardship in the country.
According to him, the small, average and big rams this year are selling at N70,000, N80,000 and N110,000 respectively, as against N50,000, N55,000 and N75,000, they sold for the previous year.”
He adduced reasons for the hike in the prices of ram to the flooding that affected livestock in some parts of northern Nigeria.
“We too buy the livestock from the farmers in the North. The amount we buy them determines the amount we sell and vice versa.
“We incur lots of expenses and we have to add it to the price of the rams. Transportation cost and others are not friendly too, “ he said.
He said that a cow that used to sell for N130,000, now sells for between N150,000 and N170,000.
He added that many of the livestock are brought from Niger Republic.
“People are complaining of the hike in price, but they must understand that we didn’t buy them cheap.
“So, there is nothing we can do but pray that things improve in the coming days,’’ he said.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
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.
