Inflation: We are struggling to survive, small business owners cry out

Small business owners in the Federal Capital Territory (FCT) say they are struggling to survive amid skyrocketing electricity tariff, as well as  increased transportation and telecommunications costs.

The entrepreneurs said on Sunday in Abuja that they no longer break even, and were barely trying to keep their businesses afloat.

Some traders, artisans, and service providers told NAN that the rising cost of running their businesses had forced them to cut expenses, reduce staff and reconsider their operational strategies.

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Mrs Chinyere Okonkwo, a bakery owner in Garki, said her electricity bills had more than doubled in recent months, making production unsustainable.

“I used to pay about N50,000 monthly for light, but now it is more than N120,000. And this is just for electricity. There are still other production costs which we have to consider.

”The cost of flour, which the country mainly imports, has continued to increase, the same thing goes for sugar and other ingredients, which we have to factor in.

“Within the last few months, I have had to reduce my baking hours, and even cut down my staff, yet profits remain low,” she said.

Mr Abdulraman Yusuf, a local distributor, shared how increased fuel and logistics costs had severely impacted his business.

“Moving goods from wholesalers to my store now costs almost twice as much as it did in 2024. Customers complain when prices go up, but we have no choice.

”Since the removal of fuel subsidy, my business has been suffering, my income has continued to reduce. How do I feed my family and pay school fees?.

“The government and all relevant bodies need to look into this. It is a matter of ultimate urgency” Yusuf said.

Similarly, Mr Solomon Agogo, a Dispatch Rider, also decried low profit returns due to increased fuel prices.

” I work as a dispatch rider and have been doing this for more than five years. This business, although risky, had always been profitable until recently.

” The increased cost of fuel has affected the business. When we factor in the cost of fuel in the dispatch of goods, customers always complain of high cost of delivery ” Agogo said.

Mrs Ekaite Bassey, a trader at the Apo Fish Market, noted the impact of increased electricity tariff and transportation hike on her business.

” As you can see, I sell frozen foods, meaning I have to ensure my freezer is kept on 24/7, else my products will go bad.

” Since the introduction of electricity categorisation into Bands, the money I spend on electricity has doubled because we fall under the Band A group. This is a serious challenge for us.

” Meanwhile, the cost of transporting these foods from the warehouse in Kado Fish Market to the Apo Market has also doubled due to fuel hike.

”Our businesses are not breaking even. We are just in business because it is better than sitting idle in the house, but the truth is that we are not making any profit at all,” she said.

Ms Nnenna Okoh, an on-line vendor, appealed to the Federal Government to look into the proposed telecommunication tariff increase for the sake of small business vendors like her.

“With a proposed increase in telecommunication tariffs, small business owners relying on digital services for sales and customer engagement fear further setbacks.

“If data costs rise, how will we continue online sales? We are already struggling with existing expenses and low income. What will become our fate?” she asked.

Mrs Agnes Ezenwa, a business woman said, “The expenses are much. Some of us have started adopting cost-sharing measures, such as bulk purchasing and joint deliveries.

“We share logistics with other businesses now just to save money and sometimes the process is not conducive. I don’t know how long we can cope with this.

” We are urging the Federal Government to introduce measures that will alleviate our burdens. We need subsidies on electricity, tax relief and policies preventing excessive telecom tariff hikes.

“The government needs to step in before all our businesses will collapse and our families will die of starvation. We need urgent intervention,” she said.

Margaret Adepetu, Women’s Coordinator for the Association of Small Business Owners of Nigeria (ASBON), decried the difficulties her members encountered while doing business.

” I cannot say we are breaking even, we are just trying to survive because of the kind of laws we have in Nigeria,” she said.

Adepetu urged the government to tackle the issues of electricity tariff, logistics, increased petroleum price and to improve value of the Naira, saying this would go a long way to boost businesses.

She also urged Nigerians to deviate from the “japa” syndrome, remain in Nigeria and contribute their quota to the growth and development of the country.

“Let us see how we can make Nigeria better. We can run to another country, but we cannot deny the fact that we are Nigerians.

“We need to be agents of change, play our own crucial roles to make Nigeria great again. We cannot leave everything to government alone.

“It may be rough today but we will grow. If you go to that place, you are developing other people’s country. No matter what happens, one day, we have to come back home,” she said.

A business consultant, Mr Emeka Nwosu, said in spite of their resilience, small business owners in the FCT and its environs were increasingly finding it difficult to survive.

Nwosu appealed to the Federal Government to ensure policies and programmes that would ease businesses and grow the economy.