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By Adewale Sanyaolu
Citing biting economic hardship occasioned by rising inflation and exchange rate fluctuations, traders and operators of mini marts in Lagos have lamented low sales during the yuletide.
At the popular Oja Oba market in Abule Egba, a cross-section of traders who spoke to Daily Sun in separate interviews disclosed that sales have not been encouraging. They explained that most products procured were gathering dust on the shelves as patronage has been very low.
A shop owner at the market, Mrs. Adebisi Oni, said most of her customers who called to inquire about product prices have not shown up as of yesterday. She explained that upon inquiry, some of her customers confided in her that they were yet to receive salaries for the month of October.
Another trader, Mr. Jude Obasi, noted that the purchasing power of the average Nigerian is getting weaker by the day. He admitted that the cost of foodstuffs, groceries, and other household items has gone up by over 50 percent compared to what obtained last year.
A random market survey conducted by Daily Sun showed that a medium-sized broiler chicken is selling for N25,000 compared to N15,000 it was sold for last year. Also, a 50kg size of local rice is selling for N80,000 and above compared to N50,000 last year.
A visit to some popular neighborhood stores also revealed low patronage, as cashiers and shop attendants were idle. A manager in one of the retail outlets told Daily Sun that sales have been low as customer patronage seems to have vanished. He disclosed that the situation is not likely to improve during the New Year celebration.
Nigeria’s inflation rose to 34.60 percent in November 2024, reflecting a 0.72 percent increase from October’s rate of 33.88 percent.
The rise in inflation is largely driven by food price increases, which continue to place a strain on Nigerian households. On a month-on-month basis, the headline inflation rate showed a marginal slowdown, standing at 2.638 percent in November compared to 2.640 percent in October.
The National Bureau of Statistics recently indicated that the country’s latest inflation rate marked a significant year-on-year rise, with the November 2024 rate being 6.40 percentage points higher than the 28.20 percent recorded in November 2023.
The report read in part: “In November 2024, the headline inflation rate was 34.60 percent relative to the October 2024 headline inflation rate of 33.88 percent. Looking at the movement, the November 2024 headline inflation rate showed an increase of 0.72 percentage points compared to the October 2024 headline inflation rate.”
