Oyebode Rofia

Over the past few years, the level of inflation in Nigeria has been on the rise. According to the Nigeria Bureau of Statistics, as of June 2024, the level of inflation peaked at 34.19 percent compared to 22.79 percent recorded in June 2023. No doubt, it has resulted in new challenges for consumers in their everyday purchases.

The constant hike in prices affects all Nigerians both the old and young. The effect of inflation is also largely felt by students who are entrepreneurs and some of them stated how this has affected their sales, income, and other aspect of their business.

“The amount I spend on transport nowadays is alarming because my vendors always complain of the constant increase in the price of fuel which affects the pricing of goods almost every week,” said Azeezat a student entrepreneur at the University of Ibadan.

Another student from the school who runs a drop shipping brand expressed her agitation, complaining about how the hike affects the profit she makes in the business “I run a drop shipping business but there is hardly any profit left since all the gains I made are used for transporting my goods from the buyer to my customers but I am still in business because I am trying to create visibility and build a name for myself”.

Also, Toyeebah, a Post-graduate student at the University of Ibadan lamented about the scourge of inflation “This inflation is not encouraging sales at all”.

However, despite the stifling effects of inflation on many student entrepreneurs, coupled with the workload of assignments, tests, and exams among others, they strive to keep their heads above water.

Given the necessity to survive, their businesses are channels to make ends meet, leaving them with no alternative but to forge ahead amid the lingering unfavorable economic situation.