ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, September 18, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Impact Of Rising Cost Of Goods On Businesses

by Olawuyi Oyindamola Esther
2 years ago
in News
Cost Of Goods
Share on WhatsAppShare on FacebookShare on XTelegram

The sharp increase in the cost of goods, ranging from food items, fuel and even building materials has prompted widespread anxiety among the populace.

Advertisement

According to the National Bureau of Statistics (NBS) Nigeria’s inflation has been on the rise for 11 consecutive months, reaching a new high in December 2023. The annual inflation rate rose to 28.92 per cent in December from 28.20 per cent in November.

In markets across cities in Nigeria, the cost of foods such as rice, beans and cooking oil has seen a huge uptick, causing a significant strain on finances of many households. The increase in prices of goods has left many Nigerians struggling to afford basic necessities.

While speaking to a fashion designer, Omotolani Okuade, he lamented on how costly fabrics are now in the market “Everything has become very expensive, not just food. You can’t get a fabric at the same price you got it yesterday. I had to increase the price I charge customers for my service since everything is so expensive, and explaining the price hike to customers is exhausting, some even stopped patronising me,” he said.

Similarly, businessman Mr. Solomon Peterson, a resident of Niger State, told me his concerns. “The continuous increase in the prices of goods is making life unbearable for many Nigerians. It has affected my business to the extent that demand for goods has drastically decreased simply because people can no longer afford to purchase them at twice their former price. Prices are not stable in the market which is harmful to my business,” Mr. Peterson lamented.

Related News

CBN Warns Against Spraying, Mutilation, Hawking Of Naira

1 hour ago

CREDICORP Unveils Pension-backed Loan Scheme To Empower Nigerian Retirees

1 hour ago

In response to growing concerns, The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured that Nigeria’s inflation rate will drop to 21.4% in 2024.

“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 per cent.

“This will be aided by improved agricultural productivity and easing global supply chain pressures.

“The CBN’s inflation-targeting framework involves clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities,” he said.

In the meantime, all Nigerians can do is hope that the economy stabilises soon enough.

Join Our WhatsApp Channel

SendShare10208Tweet6380Share

Other News Updates

News

CBN Warns Against Spraying, Mutilation, Hawking Of Naira

2025/09/18
News

CREDICORP Unveils Pension-backed Loan Scheme To Empower Nigerian Retirees

2025/09/18
News

NOUN Academicians Secure Patent Rights For Groundbreaking Inventions

2025/09/18
News

Court Bars NUPENG From Shutting Down Dangote Refinery, Others Over Dispute

2025/09/18
News

Yakubu Gowon Varsity To Build Homegrown Expertise For Tackling Sickle Cell Disease

2025/09/18
News

NDLEA Hands Over 450,000 Pregabalin Capsules To NAFDAC For Investigation

2025/09/18
Leadership Conference advertisement

LATEST

CBN Warns Against Spraying, Mutilation, Hawking Of Naira

CREDICORP Unveils Pension-backed Loan Scheme To Empower Nigerian Retirees

NOUN Academicians Secure Patent Rights For Groundbreaking Inventions

Court Bars NUPENG From Shutting Down Dangote Refinery, Others Over Dispute

Yakubu Gowon Varsity To Build Homegrown Expertise For Tackling Sickle Cell Disease

NDLEA Hands Over 450,000 Pregabalin Capsules To NAFDAC For Investigation

Ohanaeze Demands Immediate Release Of Nnamdi Kanu

Trump, Starmer Seal Landmark US-UK Tech Partnership

How To Win Up To $100 Million? Your Guide To The World’s Biggest Lotteries

Ex-Brazilian President Bolsonaro Discharged After Early-stage Skin Cancer Diagnosis

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.