In defiance of formidable economic challenges, Nigerians exhibited resilience by flocking to major city malls and supermarkets in Lagos to make substantial purchases for the New Year celebration. This extraordinary occurrence unfolded amid the backdrop of the country’s staggering inflation rate, surpassing 25%.
Remarkably, all payment points within these commercial hubs witnessed extensive queues as shoppers, burdened with laden trolleys, readied themselves for New Year festivities. The eve of the New Year witnessed a surge in commercial activities, with consumers making final purchases before the break of dawn.
Speaking to The Brand Colossus, some shoppers lamented the harsh economic realities but emphasized the significance of celebrating despite the challenging circumstances. Despite prevailing economic hardships, there was a prevailing sense of optimism among shoppers, anticipating economic growth and development in the coming year.
Fred Ejighe, a shopper at one of the city malls in Lagos, expressed, “The rising costs have significantly impacted household finances. However, my family and I are grateful for the New Year, and we believe it’s essential to celebrate.”
Pat Amami, another shopper, acknowledged the toughness of the situation, stating, “It has been tough, I won’t lie, but this is a crucial occasion, and I must shop for my family. The government needs to urgently find solutions to all these problems. The escalating cost of foodstuffs is alarming, frankly. Nonetheless, we still have to buy; it is the season.”
In a nationwide address on the first day of 2024, Bola Tinubu reassured Nigerians that the prevailing economic challenges would lead to national transformation. He underscored that his administration’s economic policies and decisions are strategically designed to revitalize struggling industries and drive the long-awaited growth for the country.
“During the past seven months of our administration, I have made tough yet necessary decisions to rescue our nation from fiscal catastrophe. One such decision was the removal of the fuel subsidy, a financial burden our country had shouldered for over four decades,” he declared.
Looking ahead to the new year, Tinubu pledged to expedite the implementation of crucial fiscal and tax policy reforms. The aim is to streamline and simplify these reforms to create a business environment that fosters value rather than hinders it.
“I am committed to overcoming every obstacle that undermines business competitiveness in Nigeria. I will not hesitate to eliminate any hindrance obstructing our path to making Nigeria the preferred destination for both local and foreign investments,” he affirmed.
