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.
DEMOLA ADUNOLA – The inflation rate right now is worrisome. And it’s really affecting every business including mine. Economy is very tough and yet prices of goods and services are skyrocketing which has led to much money purchasing few goods. And if there are enough job opportunities, things will be much easier. So, the government should provide adequate job opportunities and ensure the inflation in the country is controlled through genuine economic policies so that the entire populace can enjoy what the country has in stock for them.
AYO BALOGUN – The economic situation in the country is making things so unstable at the moment. Businesses are not moving, yet things are expensive. People don’t know when relief will come and as such holding on tightly to what they have.
This is really affecting the entertainment industry because it’s after being comfortable that people want entertainment. We hope the government will hasten up and do everything in its power to bring the much needed stability to the economy so that businesses can pick up. The inflation rate is getting very high and it’s really affecting the way people spend.
SUNNY EKEH, SE Media – It is really not encouraging. Prices of commodities are sky rocketing and money is not really in circulation. Clients are complaining of money. Those owing are also complaining of money. It has really made business slow.
I believe it is only the government that can intervene. Some are of the opinion that it is because Buhari is fighting corruption, that is why things seem so tight. I expect them to take positive measures and ease the stress of the underprivileged.
FOLAKE SHOMUYIWA – Inflation has made our money useless. When you get to the market, a commodity you bought for N2,000 has become N4,000 in one month. The government should ensure that they punish those government officials who practice money laundry because they are the main cause of our problem.
BIOLA ADEBAJO, Evergreen – The current inflation situation is alarming. It can’t just be under-estimated and it’s grossly unacceptable.
We are gradually experiencing increase in prices of general commodities and the cost of living is already high. Undue decline in the value of money, and this hugely affects everything business. The cost of production is higher and clients aren’t smiling. It’s crazy. We only hope it will only get better, and not worse.
First, I am not too surprised. I mean, what do we expect since the central executive hasn’t been duly functional. I expect the government to speed up installing and strengthening every necessary structure and strategies to make our economy thrive again.
AWOYEMI ATINUKE – It is a serious situation, I wish I had enough money to purchase goods earlier, by now I would just sit back and enjoy double profit.
The government should ensure the situation doesn’t continue.