Newspaper Proprietors’ Association of Nigeria (NPAN) has officially declared adjustments in the cover prices of newspapers belonging to its members, effective January 2, 2024.
This decision comes after a prolonged period of over four years during which members maintained the existing cover prices, despite a more than doubled inflation rate during the same timeframe.
According to a statement released over the weekend and endorsed by the Executive Secretary, Feyi Smith, the association highlighted the substantial impact of inflation and currency devaluation on the cost of operations.
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The statement read, “Virtually everything we use to produce newspapers are imported.
“That means that inflation and the devaluation of the currency has had a very serious negative impact on our cost of operations. Our members will make some price changes in the new year.”
NPAN acknowledged the hardship faced by newspaper consumers and expressed gratitude for their resilience. Over the past four years, publishers absorbed escalating production costs without passing them on to customers.
The association underscored the industry’s commitment to navigating challenges by leveraging technology and fostering better collaboration among publishers to enhance efficiency.
Despite the impending price adjustments, the NPAN assured consumers of an enriched content experience in 2024.