The CEO of SITOG Farm, Mrs Grace Ajayi, has attributed the poor power supply and inflation to why many businesses in Nigeria have been closing down.
She disclosed this in an interview with journalists in Lagos while speaking about how poor power supply has made her stop her livestock business.
According to her, “two factors affected businesses in Nigeria. One is epileptic power supply and inflation. For instance, the last cow I bought was sold for N450,000. When you kill and sell to people, they will complain it is too small, which is not ideal.”
Ajayi maintained that she lost N100,000 from January to March consecutively on the business, saying she should keep her money than waste it.
“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”, 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”, she said.
The SITOG CEO stressed that the people who are into livestock businesses had joined other professions such as teaching etc.
“I know of a man that sells cow who now an okada rider. Also, another woman who my husband knows has left the livestock business to teach. The woman lamented that she lost a huge amount of money which made her stop”, she said.
Ajayi added, “When you want to sell it according to what you are buying, people complain that it is too small”.
Therefore, she called on the Federal government to ensure improvement in the power supply and address incessant killings in the northern part of Nigeria.
“We need government intervention to pump more money into Agriculture and protect the lives of farmers*, she said.
Recall that the country has been experiencing an unstable power coupled with inflation, making the price of goods and services skyrocket.