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The aggravating inflation rate in Nigeria is taking a toll on the economic landscape in Enugu State. This has sparked concerns and discontent among local traders.
The traders in Enugu shared these views on Thursday during separate interviews with the News Agency of Nigeria (NAN).
In discussions with NAN, certain traders pointed out that inflation is causing a detrimental ripple effect on market prices, causing daily hikes in the prices of goods.
Ugonna Ebo, a trader in plastics at Abakpa-Nike market, highlighted the regular challenge of dealing with continuous price fluctuations in his business.
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Noting the repercussions on his business, Mr. Ebo highlighted that customers, alarmed by the frequent price hikes, were often discouraged from engaging in patronage.
Highlighting the change, Mr. Ebo mentioned that a premium plastic bucket, once priced at N500, is now sold for N1,200, compelling customers to opt for inferior buckets due to the affordability shift.
He noted that numerous customers are actively exploring alternatives to mitigate the impact of the challenging economic conditions in the country.
The inflation, particularly in food commodities, is a critical concern, according to an unnamed food seller at Ogbete Market, making it challenging for average Nigerians to afford proper meals.
She pointed out that rice, once a staple for many Nigerians, has become a luxury for the affluent, with a 50kg bag of foreign rice priced between N55,000 and N60,000, while local rice now ranges from N42,000 to N45,000.
She questioned the survival prospects of low-income earners and the underprivileged in the current tough economic climate, anticipating no foreseeable improvement.
Chidera Ani, a young woman operating a provision store at New Heaven Market, revealed she is on the brink of shutting down her shop due to the overwhelming surge in the prices of goods.
She decried the fact that many of her customers, particularly those fond of purchasing soft drinks like Coca-Cola, have ceased buying due to the price hike from N200 to N300.
