Christmas in Lagos has taken a drastic turn, with traders reporting dismal sales. Rising inflation and a weakening naira have left customers struggling to afford even the basics. Markets that once thrived during the festive season now sit unusually quiet.
At Oja Oba market in Abule Egba, traders expressed frustration over low patronage. Mrs. Adebisi Oni, a shop owner, said customers are calling to inquire about prices but rarely show up to buy. Many of them admitted they haven’t received their October salaries, making it impossible to shop for the holidays.
Mr. Jude Obasi, another trader, noted that prices for essentials have skyrocketed. A medium-sized chicken now costs N25,000, up from N15,000 last year. A 50kg bag of rice has soared to N80,000, compared to N50,000 in 2023. These sharp increases have forced many families to cut back on holiday traditions.
Neighborhood stores are also feeling the heat. Cashiers and shop attendants stand idle as customers avoid high-priced goods. A store manager admitted that sales have dropped drastically and don’t look likely to improve for the New Year celebrations.
Nigeria’s inflation rate reached 34.60 percent in November 2024, the highest in years. This marked a 0.72 percent rise from October’s rate of 33.88 percent. The National Bureau of Statistics attributed the spike mainly to soaring food prices, which have crippled household budgets.
The report revealed that November’s inflation rate was 6.40 percentage points higher than the same period last year. While the month-on-month rise showed a slight slowdown, the overall economic strain continues to deepen.
Traders are losing hope as their goods remain unsold, gathering dust on the shelves. Customers, overwhelmed by rising costs, are holding back on spending. This grim reality has turned the usually vibrant Lagos Christmas markets into a shadow of their former selves.
As the New Year approaches, traders and consumers alike are calling for urgent solutions. Stabilizing prices and restoring purchasing power have become critical to reviving the city’s economy. Until then, the festive cheer remains overshadowed by economic hardship.