Traders in the Mowe and Ibafo areas of Ogun State are expressing deep concern over a significant decline in customer patronage, attributing this downturn to soaring prices of goods and commodities.
The ongoing economic challenges, characterized by high inflation, have adversely affected their businesses, leading to increased losses.
In interviews with Korrectnews correspondent on Sunday, several traders voiced their frustrations regarding the harsh economic climate. Ruth, a trader who preferred to remain anonymous, highlighted the drastic changes in prices as a key factor diminishing consumer purchasing power.
“Before the fuel price hike, we sold spaghetti for N900; now it’s between N1,000 and N1,050. Products like Milo have increased from N1,500 to N1,700,” she explained. Ruth noted that this shift has led to a noticeable decrease in sales, with fewer customers visiting her shop.
Another trader, Mrs. Azeezat Aminu, a fish seller, echoed these sentiments. She pointed out that the price of a carton of fish skyrocketed from N6,800 to N43,800.
“The expenses are too high, and my customers can no longer afford to buy as they used to. I used to roast eight to ten cartons of fish daily, but now I only manage one or two,” she lamented.
Mrs. Sola Akinwunmi, a grocery trader, detailed the financial impact of decreased sales, revealing that some of her stock has expired due to insufficient turnover.
“I once had a product that expired, but I was fortunate enough to get an exchange from the distributor,” she recounted, illustrating the precarious nature of her business.
As the traders navigate this challenging environment, they stress that the high inflation rate has left consumers with limited financial flexibility, resulting in a marked decline in purchasing habits.
The situation not only threatens the livelihoods of these traders but also reflects broader economic struggles faced by many in Nigeria.
In response to these concerns, Korrectnews correspondent reached out to the Chief Press Secretary to the Ogun State Governor, Lekan Adeniran, for comment. While he promised to provide feedback, no response was received by the time of this report’s publication.
The plight of traders in Ogun State underscores a growing concern among small business owners across Nigeria, who are grappling with the dual challenges of rising operational costs and dwindling customer patronage in a tightening economy.
