By Linus Akomolafe and Olajumoke Fakomi
Two brothers involved in a clothing business along Obafemi Awolowo Way, Ikeja have explained how they lost N4 million naira worth of goods to low patronage in one month.
With World Bank projection of increase in poverty rate from 40.1% to 42.5% more businesses are likely to downsize within the last quarter of the year.
Edwin Igbobi, a brother and co-owner of Jolus Stores who spoke with IkejaBird today said there are goods worth N4m that have been condemned due to low patronage leaving the family with limited source of livelihood.
“I have condemned goods worth N4m with nowhere to sell it. We have packed them and ready to dispose.”
He was also concerned about the months earnings. “Now it’s a new month, since morning I have only sold two pieces of clothes and the gain is N600 for the two and I know how much I spend on transport.”
Mr. Igbobi also revealed that tensions in the country also impacted business. “Youths should use wisdom and ensure that there is peace because the problems in Nigeria affect our business very well.”
He added that: “When there is no peace in Nigeria business cannot move accordingly. Before, by this time people used to fix their weddings and we’ll be getting invitations but now we are afraid to travel. If there is peace, people will come and buy shoes, packet shirts, and travel down to various villages for events. But if they don’t go home how will they buy our products and that’s how we got N4m damages.”
While expressing his displeasure, his brother Ken Igbobi stated that things have been very hard in the business and they have incurred more losses than profit within the last one month.
Ken said: “I have been in this business for more than 30 years here in Ikeja. COVID-19 affected everybody business wise but after the Covid, things moved a little bit better but now it’s like we are going back to Covid era, everything is dropping.”
With the accrued loses, Ken noted that some shops have been destroyed in Ikeja and traders have been rendered helpless because of the expansion of roads in the area.
Meanwhile, both brothers have advised young Nigerians going into Clothing business of the risks.
“Anyone who wants to go into this business should know that it is not easy. But there is no harm in trying. Within this Awolowo way, Ikeja, before you can get a shop here you will keep up to N500, 000 but for the whole business you need N1.5m.”
