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Monday, June 17, 2024

Nigerian Traders Complain of Low Patronage as Purchasing Power Drops

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Traders of various commodities in Kaduna metropolis have complained of low patronage, which they blame on the increase in the prices of various commodities, just as they also said that the economic downturn is also a major factor affecting the purchasing power of the consumers.

Cross section of traders interviewed by Money Central also explained that naturally inflation impacts consumer spending on goods significantly, adding that higher inflation rates always erode the purchasing power of the consumers.

“As prices of commodities continue to increase without any control or government intervention, it has slowed down sales in the markets and it is affecting our businesses, ” the traders explained.

Many have also said, the increase in the prices of commodities,  might further impact on the economy negatively, which is already battling with inflation, putting both the traders and consumers in a poor state.

Markets survey conducted by Money Central revealed that the trend in the price increase of goods is already having negative implications especially on the small scale businesses , as many of these shops are about closing down their businesses due to low patronage, as many of the traders are now feeding on their capital.

“As many Nigerians live from hand to mouth, the price escalations in markets coupled with the pressure and demands for individual’s needs, if not addressed, could leave many families in a state of despair,” Salihu Zubair, a trader, lamented.

He said, just as Nigerians are still grappling with the economic hardship necessitated by the coronavirus pandemic, coupled with the increase in the price of commodities may grossly affect the entire economy if governments at all levels fail to arrest the situation before it gets out of hands, while advising that government should put a workable mechanism in place  to checkmate unnecessary increase in the price of commodities in the markets, and to serve as a means for price control.

Zubair who blamed the increase on the prices of commodities on what he described as a lukewarm attitude of the governments to rise to its responsibility said: ” I am disturbed on how prices of commodities are increasing on a daily basis, and it seems the governments are helpless on how to handle the situation. Seriously the masses are feeling the heat, and this is the time that the government must shoulder the responsibility of making lives meaningful to the citizenry to avert a crisis.

“The reason why we come to the market to sell is to get little profit but coming every day from morning to afternoon without getting anything is as a result of price increase, which is not good for us,” he complained.

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