Ramadan Fast And Its Impact On The Economy

The impact of something is positive or negative; good or bad as well as favourable or unfavourable.

The economy situation of a people is used to determine if they are better for it in terms of their income and standard of living. Muslims all over the world are observing the 1436AH Ramadan fast currently whereby they have changed the way they spend before the fasting commenced. The money that goes into buying of foodstuffs and other commodities have a direct impact on the economy. This brings to the mind how the purchase of these items has made traders to sell more of their products which were not selling at high quantities before Ramadan. This brings so much delight, especially to traders who smile home with handsome profit every day in the holy month.

In Nigeria for example, commodities like fruits, vegetables, cereals, canned drinks, milk, beverages and to mention a few others are bought at higher quantities by fasting Muslims. Often, Muslims stock their homes with these foods in order to fully enjoy Ramadan fast from its beginning to the end.

READ ALSO: Reasons You Should Avoid These Five Food During Ramadan

The positive effect of Ramadan on the economy is also witnessed likewise in the Advertising industry. More money is generated from commercials because different companies and various organisations grab the favourability of fasting to showcase their goods and services almost on an hourly or daily basis depending on how, when and what time they want the advert to run.

Additionally, Muslim societies that exist in obscurity before Ramadan suddenly become conspicuous. They are seen showing different T.V programmes and also air radio programmes. It is not a new thing to see every media outlet as well tap into the economic opportunities of Ramadan through their diverse fasting programmes. The effect of Ramadan fast aids these media businesses so much that they do PR with Ramadan in order to better project their image to their audience. It is a common trend now to see major TV or radio stations that hardly have slots for any muslim programmes before Ramafan air programmes to reveal the beauty of Islam through these purposely designated muslim programmes.

The idea behind business is profit. Since Ramadan fast brings this advantage, it will only be logical to get from this opportunity. One other common thing peculiar to Ramadan is that prices of food items and services hike a bit.

Although, this seems not to favour the fasting muslim who buy these items, however, it is an advantage to the sellers of these commodities. The reason is that more money goes into the economy. Also muslims willingly and happily bring out money from their pocket to buy the goods. In this case, more money goes into the economy with a higher distribution of wealth, thus improving the standard of living of more people. Isn’t this a great deal?

READ ALSO: The Benefits Of The First 10 Days Of Ramadan

It should be noted that small and medium scale businesses contribute very high income revenue into the economy. The products bought by Muslims are greatly from this sector. Therefore, the more the Muslims buy, the higher that the money that goes into the economy.

Market men and women who sell clothes, jewelleries, shoes, wristwatches and clothing materials make more sales during Ramadan. The demand for all these items increases. Muslims who offer gifts in Ramadan during TV and radio quiz competitions buy the above items and give them out to people regardless of religion sometimes if they get the questions asked from them by the presenters.

It is not an overstatement that there is crystal clear excitement on the faces of traders during Ramadan fast because they do have very high sales. This is a blessing from Allah to the people and no one can fully comprehend. As Muslims continue with their fasting, this is one of best periods to seek Allah’s mercies and blessings on Nigeria for a positive change of the economy of the country throughout the year as witnessed during Ramadan fast. This therefore implies that as Muslims reap the rewards of Ramadan, other people selling different goods and services also benefit in terms of monetary value and wish the month of Ramadam never ends.

Meanwhile, Ramadan is a different month in its entirety because of series of events that occurred in the past and also the ones still witnessed every year when the month comes.

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