A recent study by Moniepoint Inc. has shed light on the thriving livestock trade in Nigeria’s North East region, where festive seasons like Eid al-Adha and Christmas bring a significant surge in sales and income for traders.
During peak periods, prices of rams and goats skyrocket, with increases of over 230% and 400% to 470%, respectively.
This boom is driven by high demand from major cities like Lagos, Port Harcourt, and Onitsha, with traders in Kasuwan Shanu in Gamboru dispatching an average of 50 trucks daily to these destinations.
The study reveals a shift towards a more investment-minded approach among livestock traders, who are now purchasing and raising livestock in advance to increase resale value.
This strategic approach is contributing to a more stable and profitable business model for traders.
Moniepoint’s CEO, Tosin Eniolorunda, emphasizes the importance of empowering traders with digital tools to manage risk and grow their businesses.
The company’s innovative solutions are helping to bridge the gap in access to finance and deepen financial inclusion in the region.
Despite the growth of digital payments, the informal economy remains a significant player in Nigeria’s North East livestock trade.
The study highlights the importance of understanding and supporting the unique needs of traders in this sector.
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