The effect of the soaring inflation and the plunging value of the naira against the dollar is felt by all Nigerians. Businesses are feeling the brunt and families are struggling to survive the hard times. YUSUF ABDULKADIR and ABIODUN ADIGUN sampled the opinions of some Nigerians on this issue. Their views:
Habeebat Bamidele
The operating cost of most businesses is geting higher, thereby increasing in the prices of goods and services. This affects our customers, which results in low sales. The prices of fuel and most raw materials are no longer favorable for business owners. Items that were sold for N1,000 years ago are now sold for N2,000 — which is a 100 per cent increase in price. This also makes people settle for fewer products that are of low quality. Daily livelihood is not left out. Transportation and feeding are badly affected because inflation is too high. If this continues, the rate of hunger and poverty in Nigeria would be severe.
Hashim Yussuf
As a freelance writer, many of my clients who used to patronise me easily now find it difficult to afford the cost of my services — no thanks to the crippled economy. Unlike before, I now find it difficult to get more gigs, and even when the gigs eventually come, it takes time before the money is paid. This is because the inflation rate has doubled — if not tripled.
Ayobami Azare
The high inflation rate in our country makes the cost of living high. The purchasing power of the naira is affected and most families are seriously affected as well. In fact, some people and families are getting poorer, as the money meant to be saved is being spent on expensive goods and services. Business owners are also affected, as consumers who usually buy expensive goods now switch to less-expensive ones.
Alawode Sanyaolu
Inflation rate and the decline of the naira would likely remain elevated because of high cost of diesel and the persistent shortage of forex. The consistent inflation has left many Nigerians poorer, considering how the cost of every commodity in the market has tripled. Many Nigerians have reduced their consumption rate because of this. Salaries and wages are not increased, yet the prices of things keep on going higher every day. We need to support our government for the betterment of the current situation.
Mayowa Ajayi
During inflationary period, money buys less quantity of goods and services. The value of the naira has decreased. High inflation rate in Nigeria could be attributed to insecurity, poor economic policies, pre-election campaign spending and devaluation of the naira, which is now as high as N710 per dollar. All these make it difficult for importers of goods to have access to adequate foreign currencies.
Nkem Matthew
The high inflation rate affects my business and the decline in naira is not helping matters. The current inflation rate directly and indirectly leads to increase in the prices of goods, materials, transportation and workmanship. People would want to patronise me, but the cost of materials and workmanship keeps pushing them away. Apart from my business, my livelihood is also affected because the cost of my daily needs, especially food, keeps increasing.
Beauty Atoyebi
The high inflation rate is a sad reality that many small-scale business owners, like myself, have to face. The prices of materials have skyrocketed, and an increase in sales price — to compensate for this — may chase away some customers. This has slashed the profit on products, even when the price of foodstuff and other essentials have doubled and, some in some cases, tripled. There is hardly three-square meal anymore. Many of us only manage to meet our needs. I desire that the means of livelihood get better and our needs more accessible.
Ibrahim kazeem
The inflation rate continues to affect our disposable income and makes planning challenging for the household because prices of virtually everything keep changing every day. In all of this, you could not help but think of those who earn low salaries and wages. We hope the government could take some innovative steps and create a balance to all this. These are sad times.
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