The Newspaper Proprietors’ Association of Nigeria (NPAN) has disclosed that starting from January 2, 2024, members of the association would implement changes in the cover prices of their newspaper titles.
Executive secretary, NPAN, Feyi Smith in a statement yesterday in Abuja said, “Our association took this difficult decision after a careful review of the current economic situation and our members’ production costs.”
He further highlighted the adverse impacts of inflation and the devaluation of the naira on members’ production costs, which have significantly eroded profit margins in recent years.
“Nevertheless,” Smith remarked, “our members retained the current cover prices for over four years, while inflation more than doubled within the same period.”
Acknowledging the economic challenges faced by readers, Smith emphasised that publishers have endured high production costs for the past four years without adjusting cover prices.
He expressed hope that readers would understand the necessity of this price increase, given the prevailing economic conditions.
“We hope that this price increase would meet with the understanding of our readers even as we continue to do our best to take advantage of technology and better collaboration amongst publishers to improve the quality of our products,” Smith concluded.
