The inflation rate in the country is presently alarming. This was confirmed a couple of days back in a report by National Bureau of Statistics which showed that the inflation rate increased marginally from 93 percent in August to 9.4 person in September. The marginal rise it was argued, was due to higher prices of food and non-food items. ENCOMIUM Weekly spoke to some entrepreneurs on this, and they all spoke on how the situation is affecting their various businesses.
BUKOLA BASHORUN, Olivia Spices
In the case of those that still give out jobs, the profit margin has reduced with about 60 percent due to increase in food stuffs and condiments in the market. Cost of logistics and delivery has also stepped up.
Government should come up with policies that would address the challenges of entrepreneurs at the lowest level. Infrastructure such as good road should be put in place so that food stuff and perishable items from farms get to the cities and urban settlement in time.
There should be soft loans for small-medium scale businesses that are genuine and truly accessible.
OLAJIDE GREAT MCDEDE
Yes, the rise in inflation is becoming worrisome. Things are getting much more expensive now. And we’re not rally making the money because there is little or no transaction at the moment. The government just keeps fighting corruption, yet we don’t see any reasonable outcome. I think Buhari himself is confused about the plight of the Nigerian masses. Left to me, fighting corruption endlessly is not the main issue now, he should just ensure inflation is reduced. He should wage war against that first, then he can come back to corruption. As far as I am concerned, nobody can fight and win corruption in this country.
Buhari can only try his best and leave the rest.
It’s not easy at the moment at all. Things are becoming more expensive than expected and money is not even flowing.
Not that I don’t appreciate the effort of the present administration in ensuring that the economy stabilizes, but Buhari should shift attention to inflation and it should be reduced to barest minimum. I can’t even buy goods as much as I used to because the money I am trading with at the moment can only purchase few goods. And that doesn’t mean more people are patronizing us. Now, the economy is very tough. Everybody is confused and fed up.
COLE OLAJUMOKE, Honey Cole’s Dessert
Inflation in Nigeria is disturbing and I don’t seem to be enjoying any bit of it. Most times I try to overlook some situations in the country but who am I kidding. Inflation can’t be overlooked. It affects the rich, middle class and also the poor. Most daily activities involve buying and selling or marketing one way or the other.
It has really been difficult to cope with the current situation in the country and it’s affecting my business negatively. And I operate in a way of giving the best quality at a lower rate. Some of the imported items I use are at a very ridiculous price at the moment and this is not even encouraging for a young entrepreneur like me.
I feel the government should make bank loans, difficult process so as to discourage people and make them spend less and more interest in savings so as to reduce demands. Also paying of tax should be an avenue of reducing inflation. When people have lesser income, they tend to control their demands and focus more on necessary needs using a scale of preference.
It came as a surprise when we never expected it. It’s a general phenomenon and because it seems we are almost used to it. I didn’t really feel it as such.
It should be monitored and checked before it eats deep into the fibre of our economy.
ADEEKO BISI, Bisiano Signatures
Inflation has over the years been constant. I don’t know if there will be a solution to this problem. If I had enough money, I would have stocked my shop with goods, especially now that festive season is around the corner.
I expect the government to find a lasting solution.
Inflation is killing our business, we are working so hard but we can’t even count the money with peace of mind. The government needs to take a stand and start working on this problem. If inflation is solved, many things will go right for us in Nigeria.