Abubakar Adamu, a fruit vendor based in Abuja, has been unable to send any money back to his family in Jigawa State for the past three weeks,Daily Trust reports.
Adamu expressed frustration over the crippling effects of inflation on his business, noting a significant decline in the number of customers he serves.
“Inflation has severely impacted my business. Demand has dropped drastically. Previously, with N20,000, I could purchase 20 medium-sized watermelons, but now, even with N35,000, I can’t afford the same quantity. Only a few customers can afford fruits now; most prioritize basic food items,” he lamented.
Adamu’s plight is emblematic of many traders across Nigeria grappling with reduced income amidst skyrocketing inflation.
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The inflationary trend gained momentum since the implementation of economic and monetary policies during the Tinubu administration, notably the removal of fuel subsidies. This led to a surge in transportation costs and a sharp rise in the price of petrol.
The devaluation of the naira and the country’s heavy reliance on imports have further exacerbated the inflationary pressure.
Muhammad Hasnul-Basriyyu, a tailor and cloth merchant, echoed Adamu’s sentiments, highlighting the challenges of meeting his workers’ wages amidst soaring costs of materials.
“We’ve seen over 50% increases in the prices of materials due to the devaluation of the naira and subsidy removal. This has led to significant losses in my business. I can’t afford to stock up as I used to,” he explained.
Similarly, Abubakar Nafiu DanMashi, another tailor, bemoaned the dwindling number of customers as inflation erodes their purchasing power, forcing many to prioritize essential goods over clothing.
Sagiru Ibrahim, a grocer in Kano, painted a grim picture of the situation, predicting that inflation would force many businesses to close down due to rising costs and inadequate cash flow.
Hudu Sani, a seller of traditional garments, echoed similar sentiments, highlighting the impact of rising prices on his business and the dwindling number of customers.
Umar Umar, a fruit seller in Kubwa, and Hauwa Ibrahim, a seller of traditional snacks, also shared their struggles amid the relentless rise in prices of goods and ingredients.
Paul Alaje, an economist, attributed the root cause of the crisis to food inflation exacerbated by insecurity in certain regions, hampering agricultural activities. He urged the government to take comprehensive measures to address the underlying issues and provide support to struggling businesses.
In light of the challenges faced by businesses, Alaje called on the government to implement initiatives such as single-digit loan programs to alleviate the burden on entrepreneurs and ensure the sustainability of the economy.
