The exorbitant cost of living, lack of purchasing power and poor patronage, as well as the hike in the prices of all commodities, have forced some traders at the Maiduguri Monday Market to shut up shop – some have become farmers, others are working as labourers and many are still roaming the streets looking for employment.

Trader Kaka Galtimari told RNI that there were hardly any customers and most sellers were struggling to sell their products.

“People do not have money, so they lack purchasing power. The low patronage at the market is a direct result of the high cost of living. People just don’t have money anymore. Before the price hikes, we made a good profit. The market was buzzing with customers. Now we have hardly any customers and it has forced many traders to shut down their shops. Some are now farmers, others are working as labourers. Many are still looking for ways to make money.

“Even though the Borno State government put money into the Monday Market Traders’ Association/Company, specifically meant for those whose businesses were struggling so that they could bounce back and get their businesses going again, only a few members of the association benefited. For instance, out of more than 1,000 people, only 1% got the cash support. We are pleading with the government for more support but we want it to be given to us directly, not through the association. Only a few high-powered members of the association benefited last time and the rest of us got nothing.”

Bakura Shettima Tijjani said: “We are facing a serious challenge over the lack of customers as well as the high cost of commodities in the major markets. Before, you could buy two items for ₦5, but today you can’t buy two items even for ₦30. This is happening in other places too, not just in Borno State or Nigeria. It’s a global issue now.

“Just about everything in the market has become more expensive. When we ask customers why are they not coming to buy our products, they tell us that they do not have any spare cash. As traders, our situation is critical. So many people have had to shut their shops. In the past three to four years our shops were full of commodities and we had a thriving trade. But it has all changed now. The money has dried up. Traders have left to pursue any other options available to them. We are begging the government to look into our problems and to help us in this time of need.”

Jidda Mohammed Ajayi, an economist and a lecturer in the economics department of the University of Maiduguri, told RNI that there would be a major problem if traders were forced to close their shops because of the lack of customers. He said there were already so many people who were roaming the streets without a job.

“If traders are forced to shut up shop, it will have a huge effect and will escalate the number of people in the state who are unemployed. Very many of the people who are struggling to earn a living now were victims of the insurgency. And, even though relative peace has returned, it’s still evident that there is a high unemployment rate which could lead some people to turn to crime just to make ends meet. There is the good chance that they could join gangs or other criminal groups.

“Because of the high cost of living, there is less money in circulation and this has resulted in things becoming even more expensive. It’s no wonder traders are losing business with fewer customers and also that many of them are being forced to close their shops.

“The prohibitive cost of living was triggered by the devaluation of the Nigerian naira currency, coupled with the decrease in the price of oil in the global market. Today US$1 is equal to more than ₦700. That’s why commodities are so expensive. Before, you could spend ₦1,000 daily but now you can’t spend even ₦200 daily because there is not enough money in circulation. And people are hungry as well as angry at the same time. Many people can’t afford to have three square meals a day.

“The presidency, the National Economic Council, as well as other prominent leaders, need to sit down and discuss the issues to find a way forward.

“The federal government can easily address the issues by drastically reducing the unemployment rate by creating skills acquisition programmes for Nigerians, especially young people. These could include programmes on science and technology, agriculture, carpentry, construction and electronics training. This would result in more work for all and would also contribute to the growth of the country’s Gross Domestic Product (GDP).

“It should also focus on what we call ‘massive injections’, which include infrastructural development, such as good transportation networks, schools and hospitals, among others, as well as economic, business and agricultural diversification. And, by doing so, the result would be high productivity and employment. The cost of living would become affordable and people would have more purchasing power. Traders would once again witness an influx of customers into the markets across Nigeria. If these strategic measures were put in place by the federal government, the tension caused by unemployment would be eased and more money would be in circulation among the people. The result would be a thriving economy.”

SHETTIMA LAWAN MONGUNO