New Telegraph

Poor energy supply, inflation killing livestock business

The Chief Executive Officer (CEO), SITOG Farm, Mrs. Grace Ajayi, has attributed on-going poor power supply and inflation in the country as reasons she stopped her livestock business. Ajayi, who disclosed this in an interview with newsmen in Lagos, stated that doing business in Nigeria had become tougher and difficult in all ramifications. According to her, two factors affected businesses currently in Nigeria – one is epileptic power supply and the second is inflation rate. These two challenges are now impediments to growing businesses in Nigeria. She said: “For instance, the last cow I bought was sold for N450,000. When you kill and sell to people, they will complain it’s too small. This is not ideal at all.” Ajayi maintained that she lost N100,000 from January to March consecutively on the business, saying she should keep her money than waste it on livestock business that is no longer profitable. “It is better I keep my money than lose it to an unprofitable business. I lost N300.000 in three months. This is not ideal at all as a farmer and busines woman,” she said. When asked what contributed to the inflation or scarcity of livestock, she said: “I can’t say specifically. It might be that they are no more bringing it from the North to Lagos or the incessant insecurity in the northern part of the country.”

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