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Eid-Elkabir: Ram-sellers complain of low patronage.

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Yahuza and a Colleague at the Market

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Abbas Yushau Yusuf

As Muslims across the world prepare to celebrate Eid-Elkabir some Ram sellers in Kano complain of low patronage compared to last year.

A ram seller in Kano city who speaks with the Nigerian Tracker, Yahuza Abdulkareem said the level of patronage of their Rams is incomparable to that of last year.

He said a week to Sallah celebrations, customers storm their selling spots and purchase Rams in bulk.

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“But Alhamdulillah this year, we are being patronized unlike the Eid-Elkabir Celebrations of 2019, I understand that the economic recession as a result of Coronavirus may have affected the level of patronage by customers, but despite that, they are coming here in gradually to buy the Rams for slaughter on Sallah day’’ said Yahuza Abdulkareem.

On the price of the Rams Yahuza explained to our correspondent that it depends on the kind of Ram one wants to buy.

Danladi Ram dealer

Danladi Ram dealer

If it is a big Ram, middle-aged Ram, or the biggest one, their prices have completely differed.

He said there are Rams that are presently sold at thirty thousand Naira, forty thousand Naira, fifty thousand Naira, and some biggest ones with strong horns are sold at one hundred and fifty thousand Naira.

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On his part, a cow dealer in the Eastern bye-pass market in Kano Malam Labaran Suleiman said like Rams, the level of patronage of cows and bulls is low compared to 2019 Eid-Elkabir Celebrations.

According to him bulls price starts from one hundred and ten thousand Naira, some are sold at one hundred and eighty thousand Naira while others are two hundred and eighty thousand Naira.

But the Ram and bull cow dealers complain of difficulty in money transaction by way of transfer.

Yahuza said some customers mostly send the amount via their account numbers but the network is another headache for them noting that most of the Banks don’t have efficient transfer methods and due to that they are being subjected to sorts of hardship before accessing their money from customers.

Edel-Kabir is celebrated yearly by Muslims to fulfil some of the Islamic rulings for sacrifice when other Muslims gathered in Makkah to perform Hajj the pilgrimage.

Prophet Ibrahim(Abraham) peace be upon him was instructed by Almighty Allah to Slaughter his Son Ismael.

While fulfilling the Instruction the  Almighty Allah liberated prophet Ismael from being slaughtered by his father Abraham hence the Ed-El-Kabir sacrifice.

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Business

Lubricants and Nigeria’s economy

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By Cosmas Chukwunonso Nwobi

Every engine depends on oil, which serves as the heat transfer medium and lubricant for moving parts. It stops wears and damages from happening because the moving parts won’t be rubbing against one another.

The primary consumers of engine oil in Nigeria are those who own cars, generators, enterprises, tricycles, and motorcycles. Diesel and gasoline engines both utilize various grades of engine oil. Diesel engine oil is used to maintain heavy vehicles (diesel vehicles), small and large generators, as well as passenger vehicles (light vehicles). Petrol engine oil is used to maintain passenger vehicles (light vehicles).

The overall annual requirement for lubricating oils across the globe is projected to be 50 billion liters, or 60 percent automotive and 40percent industrial. However, industrial lubricants account for more than 70% of total global gross revenues and profit margins.

According to projections, Nigeria, with a gross domestic product of N150 billion in 2013 and more than N450.37 billion by the end of Q1 2021, is the third-largest user of lubricating oils in Africa, consuming 700 million liters of the substance per year (or 1 percent of the global demand).

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The aggregate profit margins of the blending plants were N45 billion in 2013 and N120 billion in the first quarter of 2021. Their total assets are projected to be worth N20 billion. This indicates that domestic production of lubricating oils meets 75 percent of the country’s total demand, with imports from specialist marketing companies providing the remaining 25percent.

You might also be interested to know that, over the projected period (2021-2026), the market for lubricants in Nigeria is anticipated to develop at a compound annual growth rate (CAGR) of 1.54%, reaching 300,399.52 kilo tons by 2026. which demonstrates that the market for automotive lubricants in Nigeria is anticipated to grow to $683 million by 2023.

This demonstrates that the significance of engine oil cannot be overemphasized and that lubricant production would be a very profitable business endeavor that would considerably boost Nigeria’s economy.

However, this industry was adversely affected by Nigeria’s slowing economic growth. The 2016 recession brought on by the sharp decline in global oil prices was the root cause of the downturn. Oil prices started the year at $36.76 a barrel and reached a high of $54.06 for the year. The lack of foreign exchange had a serious negative impact on the ability of various lubricants manufacturing companies to conduct business and imposed severe costs on key sectors of the country, which further cascaded into all areas of the economy. Given that many players in the industry imported large volumes of base oil and other raw materials needed to blend lubricants at the time, this meant that the shortage of foreign exchange affected all sectors of the economy.

However, the investment landscape is currently changing and Nigeria’s lubricant industry, if properly managed, will surely triple it’s current position in a few years to come. This is due to large oil marketers taking advantage of the lubricants market’s deregulation and lack of significant government intervention.

I commend the effort of the Nigerian Government so far in reducing import charges for Lubricant Blending plants firmly advocate for the need of a driving and I strongly advocate that more can be done in this area since Nigeria’s lubricant business has great prospects for investors. Should we succeed, early investors will also benefit from pioneer status and a five-year tax break.

I firmly believe that better consumer education, cooperation with transportation companies, increased consumer knowledge, and the provision of higher-quality lubricants at lower prices would help Nigeria’s lubricant manufacturers expand and make more money.

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Business

Best choice Specialist Hospital Launches First Intensive Infant Phototherapy Machine In Kano

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_”A Beacon of Progress in Northern Nigeria!”_

In a groundbreaking move, Best Choice Hospital has taken a significant leap forward in pediatric care with the introduction of the Infant Phototherapy Unit, a groundbreaking technology designed to treat jaundice and prevent brain damage in newborns.

In a statement signed by Auwal Muhammad Lawal Group Managing Director of the Hospital noted that pioneering technology enables medical professionals to transfuse blood with unparalleled precision, safety significantly enhancing treatment outcomes for children.

…. Noted that the innovative machine boasts a remarkable 70% radiance output and features a standard phototherapeutic unit, eliminating the need for blood transfusions.

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Auwal reiterated that introduction of this advanced state-of-art machine marks a significant milestone in Best Choice Hospital’s ongoing commitment to pediatric excellence.

With its advanced capabilities, the Infant Phototherapy Unit can effectively treat jaundice in a targeted manner, providing a beacon of hope for families.

“We understand the distress and hardship that comes with pediatric medical conditions”

“That’s why we’ve invested on this to ease the burden on families and provide children with the best possible chance at a healthy life”. Said Lawal

As the first of its kind in Northern Nigeria, this cutting-edge technology offers a comprehensive treatment solution for infants, covering the entire body with its optimal wavelength.

Dr. Abdulmalik Saminu, a leading medical expert expresses optimism that the development reinforces Best Choice Hospital’s position as a leader in pediatric care, providing families with renewed hope and confidence in the treatment of their loved ones.

Saminu further conveyed heartfelt gratitude to the hospital’s proprietor for his tireless efforts in making this life-changing technology available.

With the Infant Phototherapy Unit, families no longer need to travel abroad for medical treatment, as Best Choice Hospital now offers world-class care right in their own backyard.

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Naira depreciates to N1,635 in parallel market

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The Naira yesterday depreciated to N1,635 per dollar in the parallel market from N1,625 per dollar last weekend.

However, the Naira yesterday appreciated to N1,585.77 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,585.77 per dollar from N1,598.56 per dollar last weekend, indicating N12.79 appreciation for the naira. The volume of dollars traded (turnover) in the market declined by 58.8 percent to $71.18 million from $172.8 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N49.23 per dollar from N26.44 per dollar last weekend.

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