The biting economic recession in the country appears to have cast a shadow on end of the year business activities that usually peak at the approach of every Christmas.
Many manufacturers say their preparations for this year’s yuletide have been modest; some even declare that there is nothing to prepare for at all due to poor economic situation.
The Economics and Statistics Director of the Manufacturers Association of Nigeria, Mr. Ambrose Oruche, said that the celebrations would be very low-key for manufacturers this year, no thanks to the economic recession.
He said, “There is no money in the system. Before now, members exchanged gifts with one another but that is not happening this year. People are complaining of lack of raw materials, lack of dollars and high cost of borrowing.
“Christmas celebration for manufacturers is going to be low-key this year. Somebody has said that this is the worst Christmas in the history of Nigeria because the average salary earner has already lost 20 per cent of the value of his income due to inflation.”
The President of MAN, Dr. Frank Jacobs, said companies would not be able to celebrate Christmas as most of them had already closed.
He said, “The economy is bad and it is affecting most of our members. Even the exchange of gifts that was the tradition in previous celebrations is not taking place this year. We will not entertain guests like we did in the past.”
The reluctance on the part of Nigerians to exchange gifts had affected people who traded in hampers.
The traders lamented a drastic drop in the patronage of items and products at their stores even as the Christmas season was fast approaching.