For many Christian faithful, the best clothes are won during the festive season as it is the convention of many families. But this year it may be a bleak Christmas for some, as the price of clues and fabrics have become very expensive.
TVCBreakfast reporter, Inioluwa Popoola went to some popular markets in Lagos to find out how the price of clothes have affected preparation for the Christmas celebration.
When you want to get the best Christmas clothes, materials, and party apparel for the least amount of money. Balogun market has long been a one-stop shop for many Lagos residents.
The place is one of Nigeria’s largest markets, located at the heart of Lagos Island.
Despite its rowdiness and busy nature, thousands of people come in every day either to shop for themselves or buy in wholesale.
With some days to Christmas, the excitement of what to buy and what to wear is in the air. But it seems this year has taken a different turn as the prices of clothes have increased, making it difficult for traders to sell and Lagos residents to buy.
While many traders shy away from speaking, few of them share their challenges with volumes of sales.
A lot lamented that the prices have gone up beyond their expectation. Others cited foreign exchange as a major challenge.
With the increase in demand for clothes and other goods, the inflation rate has also risen for the 10th consecutive month, making the price of clothes out of reach for the average Nigerian.
With many people pushing to get their wears from the local market, some others prefer to go to boutiques. But the owners say the customers are not forthcoming.
Financial Analyst Bisi Iyaniwura speaking on TVCBreakfast about the current cost of Christmas celebration said we cannot divorce what is happening in Nigeria from the exchange rate mechanism of the Naira visa visa other currency.
He noted that the naira is currently at its lowest which is caused by the inefficiency in the economy.
Nigeria is not a producing economy, virtually 98% of what we use in the country is imported, from food, transportation, clothing etc.
He went on to say that what Nigeria is currently experiencing is what is known as imported inflation, because it is caused by the exchange rate rather than inflation generated in Nigeria.
” The bad side of is it that we are exporting labour. The jobs that Nigerians should be laying their hands on is being exported. We are creating wealth for other people’s economy”.
According to the financial analyst, we need to start talking about the exchange rate as inflation is a killer of investment. It kills the value of the currency and we need to actually work on it.
Mr Iyaniwura noted that until we start having an efficient economy, we are still wasting our time.
An efficient economy, according to him is absolutely necessary.
“Food is expensive this year, but the prognosis for 2023 is not smiling at all, It’s likely to be worse, because what we are eating this year were the things we planted last year.
“Our people need to start thinking ahead.
“Headline inflation for food is so high, Christmas and New Year will go in a week or two after which comes the school fees and house rents.
“The society is a dynamic one, we have to start teaching our children some basic things about life.
“They have to from the age of five, six let your children appreciate value.
“We need to get things right. Education is not only within the four corners of the wall of the classroom, It starts from the house, on the street,” he said.
