*As this year鈥檚 Christmas Day unfolds December 25, the rising costs of essential goods and commodities, including food, beverages, clothing, and household items, are making it increasingly difficult for several families to afford even 鈥榖asic items鈥� in some Nigerian cities, including Abuja, FCT and Lagos

Isola Moses | 绿帽献妻

Against the backdrop of the soci0-economic and emotional impacts of the current economic challenges, several Nigerians families, who once relied on the festive season to bring joy and reconnect with loved ones are now grappling with feelings of stress and uncertainty, reports said.

绿帽献妻 gathered the emotional toll of economic strain has compounded the traditional pressures of the holiday season, including the 2024 Christmas Day on December 25, leading to a more reserved and somber atmosphere in several cities and towns, including Lagos and Abuja, FCT, in the West African country.

Photo collage of agricultural produce at Abuja market

As the festive season unfolds, the Federal Capital Territory (FCT) especially witnessed a rather subdued atmosphere, with celebrations taking a back seat due to the soaring prices of goods and services in Nigeria鈥檚 capital city.

It was learnt that traders and business owners in various sectors of the country鈥檚 economy lamented poor sales as high inflation and economic pressures continue to impact consumer disposable income and spending, affecting the once-bustling markets and shopping centres that typically thrive during this period, according to reports.

Economic impact on consumer behaviour at Christmas

The festive season, traditionally a time for people to indulge in shopping, feasting, and celebrations, has seen a noticeable shift in consumer behavior this year.

Several residents and consumers in the FCT, who would typically engage in significant spending, are reportedly now opting for scaled-back celebrations due to the rising costs of essential goods and commodities, including food, beverages, clothing, and household items, making it increasingly difficult for families to afford even basic items.

In regard to Radio Nigeria鈥檚 (FRCN) recent feasibility study, prices of staple food items, such as rice, chicken, beef, and vegetables have increased by as much as 20-30 percent compared to the same period last year.

Relating her Yuletide experience Wednesday, Mrs. Ngozi Obi, a consumer and mother of three living in the FCT, said: 鈥淚 have three children, and all they keep asking for are toys and new clothes, but it鈥檚 just not possible this year.

鈥淚 feel sad because I can鈥檛 give them the kind of Christmas experience they deserve. It鈥檚 a very tough time for everyone.鈥�

Traders鈥� struggles with sales decline

Aside from consumers, traders in major markets, such as Wuse, Garki, and Nyanya all in the FCT, are feeling the impact of the economic downturn, reports said.

Several traders have shared their frustrations over how sales have been significantly lower than expected during this season.

The increase in transportation costs has been a key factor contributing to the rising prices.

Fuel scarcity and higher transportation tariffs have meant that goods and services are now more expensive, report stated.

This situation is compounded by a decrease in disposable income, as several FCT residents are also struggling with the overall economic climate, including job insecurities, rising utility bills, and increased costs of goods and services in recent times.

The situation has become so dire that some have resorted to selling products at a loss to maintain foot traffic to their stores, according to reports.

Mrs. Ramat Ibrahim, a trader at Wuse Market, in Abuja, also stated: 鈥淲e used to make a lot of sales during the festive season.

鈥淧eople would come to buy foodstuffs, clothing, and gifts. But this year, people are not buying as much as they used to.

鈥淭he prices are too high, and most families are now prioritizing only the essentials.鈥�

Likewise, a trader named Ahmed Yusuf, in Garki Market, noted: 鈥淚 sell poultry, but the prices of chicken and other items have gone up due to inflation and high transportation costs.

鈥淓ven though it is the festive season, people are not purchasing like before. Families are more concerned about getting by than celebrating.鈥�

The hospitality and tourism sectors have also felt the ripple effect of the economic challenges. Hotels, restaurants, and recreational centers in the FCT have reported significant reductions in bookings and customer attendance. While the festive season typically sees an influx of visitors from other parts of Nigeria, this year鈥檚 downturn has kept many away from traveling.

Hotels, restaurants and eateries also affected

In the hospitality sub-sector of the Nigerian economy, report further indicated that certain restaurants and eateries that are usually packed with customers during festive periods as the Christmas are experiencing seeing empty tables, with many establishments offering discounts or promotions in an effort to attract diners.

Mr. Emeka Okafor, a restaurant owner in Maitama area of Abuja, was quoted to have said: 鈥淲e鈥檝e had to cut down on some of our services because we are not getting enough customers.

鈥淧eople are not eating out as much this year because of how expensive everything has become. They are staying at home and preparing their meals.鈥�

Besides the telling economic downturn in some of these areas, a general sense of caution among residents is evident.

Report noted that several people are opting for smaller, more intimate gatherings in an effort to save money while still maintaining the spirit of the season.

However, despite the efforts at cutting costs, some families are struggling to meet even the most basic needs, according to report.

Appeal for government support

As scores of Lagos residents equally lament while yet coping with the current economic challenges in the country, particularly at this year鈥檚 Christmas, Governor Babajide Sanwo-Olu of Lagos State has rejoiced with the state鈥檚 residents, especially the Christians, as they join the rest of the world to celebrate this year鈥檚 Christmas.

Speaking to the residents of the state Tuesday during the presentation of a book entitled, Beyond Rhetoric: Sanwo-Olu Unprecedented, written in his honour by the Lagos State Governors Office Correspondents (LAGOCO), Governor Sanwo-Olu assured Lagosians that his administration will do more for Lagos residents next year.

The governor also stated: 鈥淲e wish you all the very best of the season. We say to you that next year, we will work better, smarter, and bigger for the citizens of Lagos.鈥�

Also in response to the concerns of traders and consumers in the FCT, it learnt the Federal Government, through the Federal Capital Territory Administration (FCTA), has made efforts at lessening some of the challenges the residents are faced with.

The FCTA has initiated various support programmes aimed at easing the economic burdens of families during this period.

These include palliative measures, including food distribution initiatives, social welfare programs, and temporary reductions in taxes for certain business sectors.

Nonetheless, despite these noble efforts at mitigating the impact of the economic hardship on consumers, the general sentiment remains one of uncertainty.

Traders have expressed that while they appreciate the government鈥檚 support, it is not enough to address the larger structural issues that continue to impact the economy, including inflation, job insecurity, and the rising cost of living.

Therefore, as the 2024 festive season continues, it is clear that the celebrations in the FCT are far from the usual exuberant gatherings of past years.

Amid soaring prices and dwindling sales, the once-vibrant spirit of the holidays has dimmed for several residents, consumers, and traders alike.

Though the government鈥檚 interventions provide some relief, there is a widespread call for 鈥渕ore comprehensive, long-term economic solutions that address the root causes of inflation and unemployment in the West African country, report noted.

Kindly Share This Story