Some business owners in the Federal Capital Territory (FCT) have expressed concern over the high cost of doing business presently.
According to them, they are also experiencing low patronage, as many residents can no longer afford goods and services as they did before.
The business owners told the News Agency of Nigeria (NAN) on Wednesday in Abuja that the cost of doing business was making life extremely difficult for them.
They stated that increased transportation costs, rising cost of living, inflation, and weakened purchasing power were among the challenges affecting their businesses.
At the Apo Fish Market, Mrs Agnes Nwafor, a foodstuff dealer, said the current economic situation had dampened the usual weekend buzz.
“People who usually come to my shop to do bulk purchases no longer do that. People now buy goods on time depending on their needs.
” So many others who come around enquire about the prices of the items and end up not picking anything,” she said.
Mr Sani Abdul, a vegetable seller at the Apo market, said he had cultivated the attitude of selling almost below his cost price just to turn over and attract more customers.
He lamented that most of his customers now purchased things on credit, paying up in two or three installments, depending on the amount.
”With the low influx of customers to the market today, one will think that this is not even weekend.
“Some of my co-traders in the market sell a dust bin basket of tomatoes for between N10,000 and N12,000, but I sell for N9,500, just to attract customers.
“Most customers who come to the shop either want the price of the items slashed or want to buy the product on credit and I do not blame them,” he said.
He urged the government to come to the aid of citizens and find a lasting solution to the increasing cost of doing business in the country.
Ms. Ekaite Obong, who runs a restaurant in the Gudu market area, also decried the high cost of doing business and poor sales.
Obong said: “It seems like the sales keep dropping every day, every week and every month. We are no longer making sales due to the high cost of our products.
”Purchasing some food items now is like acquiring gold. Even items whose price ordinarily is supposed to decrease due to their season of cultivation have not declined.
“Thus, making the cost of food high, because we have infused a little profit to our sales. So I do not blame the customers who don’t turn out in mass at all.”
Obong urged the government to tackle inflation and strengthen the naira to reduce the cost of imported goods.
“We also need policies that help local farmers and producers too. If food items are affordable, cost of food will reduce and I am sure we will get more patronage,” she said.
Similarly, Mr Chinedu Umeh, who runs a fabric store said the situation in the country had affected both his wholesale and retail business.
“The economy is biting hard, cost of transportation is killing our businesses. The government really needs to look into this area and find a lasting solution,” he said.
Umeh suggested tax relief for small businesses and better access to credit financing to help cushion the impact of reduced sales.
“Small businesses are the engine of the economy, but we are sinking. Government must listen to us, and come to our aid,” he said.
Mr Owoicho Ameh, who owns a farm along Airport Road, also decried the high cost of doing business and low sales.
Ameh said: “It is no longer business as usual for us these days as the cost of chicken feed, electricity and even transport is challenging our business.
“We struggle with these factors even with our limited resources, yet at the point of sale, customers are either not willing or able to buy.
“This is because, when we factor in our cost of production, it leads to increased cost of the birds, making many customers not able to afford it.”
Ameh said on several occasions that he sold his birds at giveaway prices, just to make sales and get funds to take care of family responsibilities.
He lamented that if he continued in that manner, he might likely go out of business in the near future and become jobless.
“The government sincerely needs to take urgent steps to improve the economic climate, improve infrastructure and boost the people’s confidence.
“If this is not given immediate attention, the rate of suicides is bound to increase in the country and the number of jobless citizens will increase,” Ameh said.
The post Small business owners lament high cost of doing business appeared first on Vanguard News.
