Nigerians face ‘most expensive’ Eid-el-Kabir celebration amid soaring inflation
By Quadri Adejumo
As the Eid-el-Kabir (Sallah) festival approaches, Nigerians are grappling with record-high inflation that has plagued the country, and sharply increased the prices of commodities, including rams, tomatoes, bags of rice, and other essential food items.
A market survey reveals that the cost of rams has nearly doubled since last year, with staples like tomatoes also experiencing significant price hikes. These rising costs make it challenging for families to afford traditional Sallah celebrations, making this year potentially the most expensive Sallah in decades.
Nigeria, Africa’s most populous nation, is currently experiencing its highest inflation rate since 30 years.
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For most Nigerians, the Sallah festive period is a time of vibrant celebrations, hearty food sharing, and generous gift-giving within their neighbourhoods. Homes and local mosques come alive with the traditional slaughtering of the Ileya ram, a cherished part of the festivities. However, things might not be the same this year.
Economic downturn’s impact on celebration
This year, the Sallah might be remembered as one of the most expensive ever, no thanks to a severe economic downturn and soaring inflation. Nigerians have highlighted the challenges faced in celebrating the festival like they’ve done in previous years.
The troubling stories of Nigerians echo the harsh realities of today’s market. A recent survey by Nairametrics revealed a staggering 200% increase in livestock prices over the past year, fuelled by food inflation, subsidy removal, and other economic pressures. Rams that once sold for N100,000 to N150,000 now command prices between N300,000 and N400,000, marking a sharp 150% surge.
The story is the same for tomatoes and bags of rice. In markets, a basket of tomatoes goes as high as N120,000 to N150,000. In addition, a bag of rice sells between N79,000 and N90,000, depending on the type of rice. A paint bucket of garri, which sold for around N600 last year, is now selling between N3,800 and N4,200, with an increase of over 400%.
According to the Nigeria Bureau of Statistics (NBS), food inflation in Nigeria is above 40%, making it extra difficult for many to purchase food items.
Low patronage in market
Meanwhile, not only buyers but also sellers are feeling the pinch this festive season. Typically, market sellers eagerly anticipate this period as a peak time for business. However, this year, enthusiasm and morale seem low.
Markets only sell when customers patronise.
With Nigeria grappling with rising prices and diminished purchasing power, markets saw a significant drop in sales.
Inflation has left many unable to afford basic necessities. This decline in consumer spending is evident in markets across the country, where vendors report reduced patronage.
As long as inflation continues to grow, this cycle is likely to persist, placing further strain on both consumers and businesses.
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