Holiday Madness: Livestock Costs Quadruple Across North-East, Farmers Reap Windfall

A new report by Moniepoint Inc. has unveiled how livestock traders in Nigeria’s North-East are experiencing massive seasonal windfalls, especially during Eid al-Adha and Christmas, as sales and income skyrocket.

According to iReporter Online, the report indicates that traders at the bustling Kasuwan Shanu market in Gamboru organize the transportation of hundreds of cattle, goats, and rams during these high-demand periods, with approximately 50 trucks dispatched daily to key urban centers like Lagos, Port Harcourt, and Onitsha.

Prices of livestock are reported to surge drastically, with the cost of rams increasing by over 230%, while goats witness price hikes between 400% and 470%, driven by festive demand. The findings also highlight a notable shift in the market dynamic — traders are no longer relying solely on immediate profits. Instead, many now adopt a strategic, investment-oriented approach, rearing livestock ahead of peak seasons to optimize their eventual resale value.

According to iReporter Online, this emerging trend of value-added livestock management is contributing to greater business stability and profitability, transforming the informal livestock trade into a more sophisticated economic sub-sector. The development is especially significant given the backdrop of a region that has suffered prolonged instability and economic hardship. The North-East, ravaged by over a decade of conflict, has reportedly cost the Nigerian economy more than $100 billion.

Despite the setbacks, the agriculture sector remains resilient. It accounted for 24.64% of Nigeria’s real GDP in the final quarter of 2024. According to iReporter Online, smallholder farmers continue to form the backbone of the region’s food system, with over 80% cultivating less than two hectares of land. In Borno State alone, farmers generate over two million metric tons of staple crops annually.

Moreover, the informal market still plays a dominant role in the distribution of agricultural products, with 51.2% of Borno traders sourcing their goods from Maiduguri — a critical logistics hub for livestock, grains, vegetables, and agro-essentials. Yet, despite this large-scale commerce, most transactions bypass traditional banking systems. The report reveals that informal credit, in-person payments, and manual bookkeeping remain the norm.

Moniepoint CEO, Tosin Eniolorunda, emphasized that true financial inclusion must go beyond access to banking tools. He stated, “What we’re witnessing in the North-East is transformational. Traders and farmers who were previously excluded from the formal financial space are now leveraging digital platforms to access funding, reduce risk, and grow. This is not just a technological shift but a structural one — it’s about building an economy that includes everyone, regardless of their location or history.”

”IREPORTER REPORTS”