Nigerian Businesses Hit By Worsening Macro Environment

Nigerian Business owners and other professionals are groaning under the current economic crunch the country is witnessing since the fall in global oil prices started over a year ago.
Despite the Central Bank of Nigeria’s (CBN) attempt to stabilise the naira exchange with the dollar, commodity prices are on the increase with people complaining bitterly about the situation.
Speaking on the economy, Magdalene Anajamba, a cloth dealer in Lawanson Market, Lagos, noted that the failure of the President Muhammadu Buhari’s administration to name his minister has left the country at a standstill.
She added that prices of the clothes has increased so much that some of her regular customers have deserted her.
“In the last three months, items are on a high price. In fact the increase of items has made me lose a lot of customers. People cannot buy anymore because of the increase,” Anajamba said.
“Election made it worse, the cloth we buy for 10,000 per bag, during the period of the election we bought it for 13,000. I was thinking the prices would reduce after the election, instead it keeps increasing.”
On her part Jimoh Yemi, a female trader in Alhaji Nuru Street, in Surulere, a Lagos suburb, complained that the profit from the drinks she sells has fallen drastically.
“I don’t even know if i am making profit or loss. The state of Nigeria economic has not been helping me at all, it has been giving me headache. My stocks are not moving well, my customers complain to me all the time, in last three month i know how much i make as profit, i know the amount of goods i buy every week but since the election commenced things have been very difficult. The most annoying thing now is that i no longer make any gain, because my customers that are retailers are now getting goods from the company selling for me. I do not even make profit anymore, because i use both profit and some of my capital to pay my children school fees.”
In the Apapa Area of Lagos, Ajadi Hamed, a graphic designer in printing press explained that the economic condition has affected his way of life.
“Since Muhammadu Buhari has been elected has the new president my way of living, feeding, paying house rent has been very difficult. Presently my boss is owing 2month salary, whenever i meet to ask for the money all he will say is my customer are not paying well. My boss said the amount he uses in importing his machines has increased, because of the increase in dollars, the money he meant to pay us has been added to the money he used in importing his machineries. The economic has not been favourable at all. It has been God helping me to survive.”

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