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“For the past three months now, I haven’t fueled my car,” Fabian Dike, who runs a retail outlet selling wine and other alcoholic beverages, tells TheCable in Owerri, the Imo state capital. He says his car has been parked because he can no longer afford to maintain it. In the past, he filled his tank with N15,000, but today, almost N50,000 will be needed to do the same.
“I reserve three or four pieces in the original size for the head of the house while I divide others into two or three pieces,” she narrated, stating that her family now finishes a pot of soup after eating just two or three times. While the Olanrewajus are experiencing some financial strain in their marriage, many Nigerians seeking to get married are having second thoughts due to the economy.For James Kalu — a trader who was formerly into selling various food items before the economy hit hard — the new reality may mean delayed romance.He recently switched to selling Garri at Kure Market in Minna, Niger state.
said fast-moving consumer goods companies like Nestle, Golden Penny have increased prices to reflect recent realities. “This is Lokoja international market. By international, if it was to be before, everywhere is always filled with buyers. Now, the sellers are not around because no money to restock and transport themselves and the buyers too are not coming because of lack of money.”Lagos is the biggest sub-national economy in Nigeria by numerous metrics — there are over 20 million Nigerians living in the city, and a good number of them are feeling the crunch.
Her sentiments struck a chord with the crowd, drawing resounding applause and murmurs of agreement from fellow market traders who have also been grappling with the financial strain caused by escalating prices and low sales.For David Umoren, who sells palm oil in bulk at the popular Watt market, Calabar, “things have really changed”. In the past, he made N1,000 on N6,000 worth of palm oil, but now he makes between N500 and N1,000 on N20,000 worth of palm oil.
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