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Economic Expansion and Market Recession: How Government Policies and Consumer Behaviour Shape Businesses

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By Iyonsi Moyowa

Nigeria’s business environment continues to face significant challenges as rising inflation, changing consumer behaviour, global economic pressures, and technological advancements reshape the country’s markets. Across different sectors, business owners say the realities of operating in today’s economy are far different from what they experienced just a few years ago.

Many traders attribute the decline in business activity to the rising cost of goods and services. According to one market trader, starting a business was much easier in the past because available capital could purchase enough stock to sustain operations.

“Things were better then because if you had a fixed amount to start a business, it was enough. Today, because of inflation and the rising cost of commodities, the market is declining instead of growing. Everything is becoming more expensive, from transportation to goods and services,” she said.

Many business owners believe government policies, inflation, and unstable economic conditions have contributed to reduced purchasing power among consumers, resulting in lower sales across several industries.

However, government policies are not the only factor affecting businesses. Consumer preferences are also changing rapidly. According to reports from the U.S. Bureau of Labor Statistics and industry analyses, alcohol consumption among Generation Z has declined in recent years, forcing many businesses in the beverage industry to adjust to changing market demands. This demonstrates how consumer behaviour can significantly influence business performance alongside government policies.

Global events also continue to affect local markets. The ongoing conflict in the Middle East has contributed to fluctuations in global oil and gas prices, increasing concerns about inflation and slowing economic growth in many countries, including Nigeria. These international developments often translate into higher transportation costs and increased prices for goods and services.

Technology is creating another major shift in the business landscape. Artificial intelligence (AI) is transforming industries, particularly the creative sector.

Mr. Max, a graphic designer, said AI has significantly affected his business.

“My sales have reduced because many people now use AI to generate designs instead of hiring professionals. Most of my clients today are people who are not familiar with AI or those who are less active online. I believe AI will continue to advance and may eventually handle tasks like website design with just a simple prompt.”

Despite these concerns, he believes professionals should adapt rather than resist technological change.

“The best approach is to learn how to use AI as a tool instead of seeing it only as a competitor.”

Location also plays a critical role in business success.

Mr. Godstime, another entrepreneur, explained that his business depends largely on students because it is located in a university environment.

“Business only thrives when students are in session. Once they go on holiday, sales drop significantly. If I had to start over, I would pay more attention to choosing the right location because where you establish your business matters a lot.”

Operators in the cooking gas business also report declining sales due to reduced consumer spending.

One gas retailer explained that customers who previously purchased six kilograms of cooking gas now buy only one or two kilograms because of rising prices and declining household incomes.

“The constant increase and decrease in prices make business difficult. People now buy much smaller quantities because that is all they can afford.”

These experiences suggest that both government policies and consumer behaviour play vital roles in determining business performance. Inflation, unstable economic conditions, technological disruption, global events, and changing customer preferences all combine to shape today’s business environment.

As Nigeria continues to navigate economic uncertainty, business owners agree that adaptability, innovation, strategic location, and an understanding of changing consumer needs will be essential for survival and long-term growth.

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Muslims Observe Eid al-Adha with Prayers, Charity, and Calls for Peace

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By Eddy Success

Thousands of Muslims across Nigeria gathered in mosques and designated prayer grounds to celebrate Eid al-Adha, one of the most significant festivals in Islam.

This reporter visited Erie Central Mosque, located along Akpakpava Road in Benin City, where worshippers joined other Muslims across the country in observing the festival. The celebration, marked by special congregational prayers, charitable acts, and the symbolic sacrifice of animals, commemorates Prophet Ibrahim’s (Abraham’s) willingness to obey Allah by sacrificing his son before Allah provided a ram in his place.

The day’s activities began early in the morning with Eid prayers led by Islamic scholars and Imams. During the sermons, worshippers were reminded of the importance of faith, obedience to Allah, humility, patience, and compassion for others. Religious leaders also encouraged Muslims to uphold honesty, justice, and peaceful coexistence in their daily lives.

Speaking after the prayers, the Chief Imam of the Benin Central Mosque emphasised that Eid al-Adha is not only a celebration but also an opportunity for self-reflection and service to humanity. He urged Muslims to extend kindness to the less privileged and to promote unity among people regardless of their religious or ethnic backgrounds.

READ ALSO: How Government Policies Continue To Shape Everyday Business In Nigeria

Following the prayers, many families performed the ritual sacrifice of rams, goats, or cows in accordance with Islamic teachings. The meat was shared among family members, neighbours, and people in need, reflecting the Islamic values of generosity and social responsibility.

Several charitable organisations and Islamic groups also organised food distribution programmes, free medical outreaches, and support for orphanages and vulnerable households. Volunteers visited hospitals and correctional facilities, offering gifts, prayers, and words of encouragement to patients and inmates.

Many worshippers expressed gratitude for the opportunity to celebrate the festival peacefully. Amina Yusuf, a Muslim resident of Benin City, described the occasion as a time of gratitude, sacrifice, and togetherness.

Another participant, Ibrahim Bello, said the festival serves as a reminder that true devotion to Allah is demonstrated through obedience, sacrifice, and care for others.

READ ALSO: DELSU Photo Festival Season 2 Celebrates Creativity Despite Heavy Rainfall

Security agencies maintained a visible presence at major prayer grounds to ensure the safety of worshippers, while traffic officials managed the movement of people and vehicles throughout the celebration.

As the festivities concluded, Islamic leaders called on citizens to continue promoting peace, tolerance, and national unity. They encouraged Muslims to uphold the teachings of Islam by showing love, respect, and generosity within their communities throughout the year.

The successful observance of Eid al-Adha once again highlighted the role of the Islamic faith in fostering spiritual growth, charitable giving, community service, and harmonious coexistence among Nigerians.

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How Government Policies Continue To Shape Everyday Business In Nigeria

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By Weyinmi Oghoejafor

For millions of Nigerians, the economy is experienced long before it is discussed in newspapers or on television. Every visit to the market, every bus ride, every electricity bill, and every purchase reflects the current state of the country’s economy. Business owners, workers, students, and families all feel the effects of government policies that influence prices, employment opportunities, and the overall cost of living.

Across major cities and rural communities, traders say operating a business has become increasingly challenging. Rising fuel prices have increased the cost of transporting goods from farms and factories to markets. Shop owners who depend on generators because of unreliable electricity spend more on diesel and petrol, forcing many to raise the prices of their goods in order to remain in business.

Market surveys indicate that consumers are becoming more cautious with their spending as inflation continues to reduce purchasing power. Many families now prioritise essential needs such as food, transportation, medicine, and education while cutting back on non-essential purchases. This shift in consumer behaviour has affected sales for many small businesses.

Small and medium-sized enterprises (SMEs) remain the backbone of Nigeria’s economy. From neighbourhood POS operators and food vendors to fashion designers, mechanics, tailors, barbers, and online retailers, these businesses provide employment and income for millions of people. However, many entrepreneurs say that access to affordable loans, stable electricity, and good roads would enable them to expand their operations and employ more workers.

Economists explain that government policies on taxation, public spending, exchange rates, and monetary policy play a significant role in determining the business environment. Investments in roads, railways, ports, agriculture, education, and digital infrastructure can lower business costs, improve productivity, and attract both local and foreign investors. Consistent policies also give businesses the confidence to plan for long-term growth.

Despite the current economic challenges, young Nigerians continue to demonstrate resilience and innovation. Many have embraced digital entrepreneurship by selling products through platforms such as WhatsApp, Instagram, TikTok, and Facebook. Others have established businesses in agriculture, poultry farming, fish farming, graphic design, software development, photography, content creation, logistics, and phone repairs. These ventures not only generate income but also contribute to national economic development.

Financial analysts believe that reducing inflation, improving electricity supply, strengthening security, and supporting small businesses through affordable financing would significantly improve the country’s business environment. They also recommend greater transparency, policy consistency, and increased investment in education and skills development to prepare young people for a changing economy.

As Nigeria continues to pursue economic reforms, citizens remain hopeful that practical policies and responsible governance will create a stronger and more resilient economy. Business owners say that when operating costs are reduced, businesses can expand, employ more people, and offer products at more affordable prices. Many agree that sustainable economic growth depends on collaboration among the government, the private sector, and citizens working together toward the common goal of national development.

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DELSU Photo Festival Season 2 Celebrates Creativity Despite Heavy Rainfall

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By Blessing Alumona and Miracle Akpoyovwvayire

The second edition of the DELSU Photo Festival was held on July 17, 2026, in front of the university Sports Complex. Although the programme was originally scheduled to begin at 10:00 a.m., persistent rainfall delayed the event until about 2:00 p.m. A large canopy was provided to shield participants from the rain, while lively music entertained students as they arrived at the venue.

The event opened on a cheerful note with comedy and light-hearted remarks by Professor Odion Odiboh, creating an exciting atmosphere despite the weather. This was followed by the official opening address delivered by Comrade Regina Egbiamiye, President of the Department of Journalism. After her remarks, the pageantry segment commenced, with contestants representing the Departments of Mass Communication, Journalism, and Broadcasting showcasing their confidence and creativity. At the same time, judges assessed students’ photography projects while music kept the audience entertained.

One of the highlights of the festival was an interactive question-and-answer session that actively involved students and kept the audience engaged. Student union representatives, departmental executives, lecturers, and students participated throughout the programme, contributing to its lively and memorable atmosphere.

Speaking after the event, Faith Ogbotor, a 200-level Journalism student, described the festival as enjoyable and memorable. She said that although the heavy rainfall affected the programme, it did not prevent participants from having a rewarding experience.

READ ALSO: Poor Maintenance Of Student Hostels Raises Concern In Abraka

Another participant, Tejiri Mathias, a Mass Communication student, also commended the event but expressed concerns about what he described as partiality during some of the games. He suggested that improvements could be made in future editions to ensure fairness.

The festival concluded with the announcement of winners from the three departments. Four students emerged as winners from the Department of Broadcasting, twelve from the Department of Journalism, and twenty-two from the Department of Mass Communication. Each department also selected three overall outstanding winners through a voting process, and the successful participants received awards in recognition of their performances.

The celebration ended with music, dancing, and the distribution of refreshments to students, lecturers, and student executives. The joyful atmosphere and shared moments of celebration brought the 2026 DELSU Photo Festival Season 2 to a successful and memorable conclusion for everyone in attendance.

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