Nigerians’ purchasing should be restructured to foster real economic development

    Martins Owadasa-Olusola | YSOT | Feb 04, 2026    
Get Unlimited Access
Subscribe to unlock this article

Complete digital access to quality journalism on any device. Cancel anytime during your trial.

Once registered, you can:

  • Read this article and many more, including access to epapers and research
  • Enjoy customize article feed/recommendation based on your profile
  • Enjoy access to Businessday exclusive events
  • One-Access accross Businessday platforms

Share this article
Shared
4391
times

The weak purchasing power of Nigerians has become one of the clearest indicators of a deeper economic dysfunction. When a country of over 200 million people, rich in labour and natural resources, cannot sustain mass access to durable household goods, or quality clothing, edible food, and brand-new cars, the problem is not taste or thrift, but structure. Even affluent Nigerians overwhelmingly prefer “UK-used” vehicles and second-hand imports, not out of cultural inclination, but because new goods are priced far beyond what incomes and the currency can realistically support. This condition is not merely a consumer issue, it speaks to declining living standards, constrained industrial capacity, and an erosion of national economic confidence.

Continue reading your article with a
BusinessDay subscription





Already a subscriber?
Sign In
RECOMMENDED STORIES
support_agent