Economic hardship: South-East traders lament low patronage, high costs

Residents and traders across Nigeria's South-East region are voicing deep concern over escalating economic hardship, characterized by soaring prices and a sharp decline in consumer spending. From Aba and Umuahia in Abia State to Onitsha, Awka, and Nnewi in Anambra, Enugu, Abakaliki in Ebonyi, and Owerri in Imo, the sentiment is unified: businesses are struggling under the weight of numerous challenges.

Traders cite a confluence of factors, including exorbitant transportation costs, elevated fuel prices, and the burden of multiple levies. These operating challenges have drastically reduced their profit margins and, more critically, diminished customer purchasing power. Many consumers who once bought goods in bulk now purchase only the bare essentials for immediate needs, leaving traders struggling to recoup their initial capital.

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Prices of goods have continued to increase in the market. Whatever commodity you buy at a particular time must have an increase the next day and our suppliers tell us that they have no choice because the increase in fuel is affecting their cost of production. Everyone is affected because our customers are also complaining about price increase.

In Aba's Cemetery Market, traders report that customers are increasingly vocal about rising prices. "Whatever commodity you buy at a particular time must have an increase the next day," lamented one trader, explaining that suppliers attribute the hikes to increased production costs driven by fuel prices. Another trader, identifying himself only as Friday, observed that survival is the primary concern for consumers. "People are only interested in buying foodstuff to feed their families. Only survival matters now," he stated, noting that even basic staples like rice, beans, yam, and bread are becoming unaffordable for the average person.

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You can observe that people are only interested in buying foodstuff to feed their families. Only survival matters now. Even foodstuff like rice, beans, yam and even bread are going beyond the reach of the ordinary man.

Beyond fuel costs and market dynamics, some produce merchants point to additional burdens. Mr. Egbu Peters, a dealer in tomatoes and vegetables, attributes part of the price increase to alleged extortion by middlemen and security personnel at checkpoints along major highways. He explained that traders transporting produce from northern states to the South-East incur significant extra costs. Peters defended commodity unions, arguing they play a vital role in distributing farm produce nationwide and should not be solely blamed for the price hikes.

The widespread economic distress has prompted calls for urgent government intervention. Residents and traders are appealing for measures such as grants and a reduction in levies to ease the financial strain and support the revival of local commerce in the South-East.

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Traders often incurred additional costs while transporting produce from northern states to the South-East.