As the country’s economy continues to face unprecedented challenges as a result of inflation spikes to rising oil prices and fluctuating exchange rates, business owners are tapping into a reservoir of creativity and resilience to stay afloat. RAHMAT OLADEJO AND SIDIKAT ADEDIRAN spoke with some of them to hear their thoughts on how they are working to ensure their businesses stay afloat.
Adebowale Peace, hair and accessories dealer
I do financial planning and employ strong communication with my customers. I also practice self-care in a way where I buy and put on some of the things that I sell and this helps to attract more customers to patronise me. I’m making sales and I appreciate God for that. Before Tinubu’s administration, I used to make more in profit, but things are now very expensive and there is so little you can call profit. Nevertheless, I’m still surviving and this is thanks to God. There are times when you sell a lot in a week and in the next, there won’t be sales at all but I just have to keep pushing and I know God will see us all through.
Mr Ajitomi Rasaq, a book publisher
The present state of the economy has seriously affected the cost of printing. Printing is now at the highest price unlike before when we buy paper at a very moderate rate but it’s now very unbearable. We used to buy paper between the range of N5,000 and N6,500 depending on the grade but now it’s between N20,000 and N28,500, which has a serious and negative impact on the production and its periodical change in price. We used to sell a book for N200/N250 compared to the N450 to N500 it goes for today. What I’m trying to say is that the cost of production is at the highest price and it has seriously affected the business and the demand. Schools that are the end-users have had to reduce their orders and many of them are lamenting that parents are not buying the books. Those who used to buy about 50 copies have reduced their demand to around 20 or 25 copies, and they only pay us after they’ve made the sales. The business is not like before and it is dying gradually. We are only coping because we’re in it for the long run and it’s not easy for us to quit. The hardship is seriously affecting me.
Mrs Muritala Aminat, tailor
I just don’t buy unnecessary things and I don’t use all my income to eat; I try to save with the little I earn. I still make sales, but it’s not like it used to be. I used to lay claim to around N50,000 in sales every month, but now I earn around N20,000 per month. I put everything in God’s hands but it’s not easy.
Folorunsho Adebimpe, Bar owner
I’m just surviving. I still make sales but it’s not like it used to be because there’s no market at all. Everybody is complaining about the increase in the prices of items. I’m just managing and there’s nothing one can do. We just have to adapt and leave the rest for God.
Adegbite Samuel, graphic designer
The idea is to keep doing what I’m doing because it takes a certain degree of uniqueness to stand out. How I remain unique is by ensuring I understand the nature of my job and then providing long-lasting solutions through that understanding. To some extent, I still make sales and my earnings aren’t actually affected but the high cost of things has made my expenses skyrocket. I’ve earned more than I used to make before President Bola Tinubu’s administration started because I work remotely and my clients are abroad. By God’s mercy, I hope we keep surviving because it is not easy, but as Nigerians, we are used to adapting in light of whatever comes our way.
Oladimeji Olumide, clothes seller
My coping mechanism towards ensuring that my business doesn’t collapse is that I ensure I post when I can and make sure I don’t sell expensive things. I’m making sales but not often. Before Tinubu’s administration, I used to make a lot of sales. I’ve only been surviving by God’s grace.
Adegoke Mary, clothes and other fashion items dealer
The first thing on my scale of preference is my customers; there’s no business without customers. One thing I do is that I try to satisfy my customers when it comes to the quality of what I sell and my relationship with them. I don’t sell things that are too expensive; I don’t use my money to buy things that are too expensive. I don’t just invest anyhow I see it. I see what people are ordering and how they like what I have. If I’m not making sales, I will not continue with my business but we thank God we are growing. One thing about sales is that I make sure it gets better, so I give room for improvement.
There is a difference in how much I made before and now. When you sell things that people need regardless of the harsh economy, they will still buy it but I understand the fact that things are really bad and money is scarce, but business has been fair for me. The economy right now has been somehow tough even though people still buy what they need. One thing that has stood me out is that I sell fashionable kinds of stuff that’s appealing to the eye so, they have to buy. All of this is hinged on God, investment, and savings.
Okunade Aderayo
I cope because I offer lots of discounts and create good relationships with my customers and truly, customer retention has been helping. My sales are not bad but it used to be better than this; I used to make much more before Tinubu’s administration kicked off but now, there is inflation on goods and delivery fees which has made sales drop drastically. I’m only trying to stay positive and not think too much about it by living while I can.
Fasoyiro Tomiwa, car dealer
I simply adapt to my environment. This is what I’ve been doing even before the present administration came in and now, it’s still the same. As a business person, it’s not the goods you market, it’s the ability to be innovative as an individual because no one wants to patronise a business that’s not showing progress. Having the ability to adapt and effectively market yourself plays a huge role in most businesses.
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