A senior lecturer in the faculty of Business Administration, University of Lagos, Dr Tajudeen Yusuf has explained the link between festivals such as Ramandan, Eid-El-Fitri and the economy.
Price hike during the Muslim festivals should be expected as many stock their stores with certain commodities, especially food items and beverages.
Speaking on Business Morning, he explained the concept called ‘Ramadan effect’ which explains “the change in the investor’s psychology”.
People, in Ramadan, tend to have ‘optimistic beliefs’ that would cause them to invest more, he added. This optimism is stimulated because “people have time to face God. They tend to have internal reflection that it could be better”.