Economic downturn: Newspaper proprietors hike newspaper cover prices

Newspaper publishers under the auspices of the Newspaper Proprietors’ Association of Nigeria (NPAN), Sunday,  disclosed that from January 2, 2024, they will effect changes in the cover prices of their newspaper titles.

This development, according to a statement issued by NPAN’s Executive Secretary,  Feyi Smith, was as a result of inflation and high cost of production.

Though the association did not state categorically the expected new cover prices, Blueprint can report that at the time of filing this report, the cover prices of Newspapers in Nigeria stood between N200 and N250 respectively.

“With effect from January 2, 2024, members of the Newspaper Proprietors’ Association of Nigeria (NPAN), will effect changes in the cover prices of their newspaper titles. Our association took this difficult decision after a careful review of the current economic situation and our members’ production costs.

“In the last few years, inflation and the devaluation of the naira have had very serious negative effects on our members’ production costs and eaten deeply into their profit margins.
Nevertheless, our members retained the current cover prices for over four years, while inflation more than doubled within the same period.

“We acknowledge that the negative effects of the tough economic climate are felt by our readers. It is for this reason that publishers have borne the brunt of high production costs for the last four years without adjusting will prices.

“We hope that this price increase would meet with the understanding of our readers even as we continue to do our best to take advantage of technology and better collaboration amongst publishers to improve the quality of our products,”  the statement read.