Abuja Livestock Dealers, Butchers Celebrate Reduction in Cattle Prices

Abuja Livestock Dealers, Butchers Celebrate Reduction in Cattle Prices

Livestock dealers and butchers across various markets in Abuja, including Dei-Dei and Kugbo, have expressed relief following a notable drop in the prices of cattle.

Market reports indicate that a large cow which previously sold for between N1.2 million and N1.5 million is now priced between N800,000 and N900,000.

Medium-sized cattle have also seen a reduction, moving from N700,000 to approximately N400,000 or N500,000.

This downward trend has been attributed to an increased supply of livestock from northern states and neighboring countries like Niger and Chad.

Improved security conditions on major transport routes and a relative stabilization in transportation costs have also played a major role in the price crash.

The reduction in prices has been met with excitement by butchers who hope the change will boost patronage, as high costs had previously forced many consumers to reduce their beef consumption.

Dealers are celebrating faster turnover rates for their stock, noting that the market environment is becoming much more favorable for business compared to the start of the year.

Residents and consumers in the Federal Capital Territory have welcomed the development, seeing it as a sign of relief for household budgets.

However, some butchers cautioned that retail beef prices may take a little more time to adjust fully due to other operational overheads like stall fees and processing costs.