How low purchasing power marred 2022 Christmas Celebration in Nigeria

Economic experts have disclosed that low purchasing power, occasioned by soaring inflation, marred this year’s Christmas celebration in Nigeria.

Outside the sparkling-looking and well-decorated Christmas trees in some public places and homes, the usual demand for rice, chicken, and clothing experienced during the festivity was missing.

For many Nigerians, 2022 has been the most challenging year. With 21.47 per cent year-on-year inflation, unabated insecurity, 33.3 percent unemployment rate, high poverty rate, slow Gross Domestic Product, GDP growth rate, and other economic miseries are the footprints of 2022.

Christmas festivity is usually greeted with high demand and increased spending worldwide; Nigeria’s situation this year was the reverse.

For instance, Mr Obinna Ozomena, a Garki International market trader in Abuja, lamented low patronage.

He says, “My business has never had it like this before, this Christmas witnessed the lowest patronage, and other traders are experiencing a similar thing”.

Another Trader in Suleja Market, Abubakar Yusuf, disclosed that his business witnessed low patronage this year.

He stated that this year’s Christmas was unlike other years, with massive business activities.

“I struggled to meet up with 35 per cent sales compared to last year. Usually, the demand for rice increases during the festive period, but this was not the case this Christmas”, he said.

Mr Musa Dogo, a servant in Abuja, said his monthly salary could no longer cater for basic needs without Christmas celebration.

“I told myself that if we must survive, the issue of buying chicken, rice and clothing won’t be a priority. First, as long as my family and I can eat twice daily, we are content. I cannot kill myself for a day or two celebration,” he said.

There is no better reason for the low business activities this Christmas than soaring inflation, which affected how much Nigerians could buy with a given amount of money. It is so bad that the prices of most food items such as yams, rice, onions, bread beans, tomatoes, and groundnut oil record daily price increases, with food inflation now standing at 23.13 per cent in November