Small business owners have taken to a thread on X (Twitter) to lament over the economic hardship which has forced them to close down their businesses and lay off their staff.
The thread was opened by an entrepreneur Akin Olaoye who announced that he was closing down one of his shops and moving the staff to another branch following poor sales and increasing operating costs.
He wrote: “Small biz revenue is down by 80% & value of earnings by 50%. Purchasing power declined among the middle class in 🇳🇬, who now admire things they could afford. FX is N1650/$. Many small biz plan to fold Dec 2024
Shutting down my Allen Ave Ikeja location this month. It’s a bloodbath
Liquidating the store inventory at 70% off. I hope to re-absorb the staff at another store location. Find us 47 Allen Ave (Studio 24)”
@PapaAkudo: “This is the new normal of most businesses in Nigeria. Shut down our once thriving pharmacy in May, laying off 6 staff because we couldn’t cope with inflation and low purchasing power of customers and need to increase salary to meet hike in transport & high cost of living.”
@n6oflife6: “I had to shut down my 6 yr perfume business franchise in March 2024, 9 staff laid off. Customers could barely afford the new prices we had clipped on due to the rising Interest rate. I don taya to talk Nigeria matter. 😢”
@_mr_rescue: “My small recreational center is already in coma, negative monthly balance since January 2024, customer declined, almost double running cost since 2023
I launched the business in 2022 😥”
@converter_code: “I’m planning to quit my bet shop”
@Bet9jaOfficial: “Already ……expenses don pass gain ……runing fuel 1200 per liter ….”
@Ekwulu: “A good friend of mine who owns a bakery in Lagos told me this afternoon that he has closed shop and laid off all his staff.”
@DUmunze: “Me that sell car parts know the hell I am passing through,,,, people that use car in Nigeria have significantly reduced we now only depend on customers in other African countries”
@homemadecartel: “I had to forcefully shut down my business at Balogun market in Trade Fair Lagos due to inflation. Most of those useless people support this government on this app are still being fed by their parents. They don’t understand what the reality of Nigeria looks like. It’s very bad!”
@bantabaygroup: “My transportation business has practically collapsed due to increase in prices of spare parts, fuel and agberos who rep the government. May God help us”
@Tunebosun: “My business is technically struggling to cope… I have continually reduced capacity due to the increasing cost of feeds… Long lay off staff, shift to movable ponds from earthen ponds.
Now, I understand Struggle continues…”
