The Newspapers Proprietors Association of Nigeria (NPAN) has said there will be an increase in the cover prices of newspaper titles effective from January 2, 2024.
In a statement by its Executive Secretary, Feyi Smith, NPAN said it “took this difficult decision after a careful review of the current economic situation and our members’ production costs.”
He explained that, “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 cover 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.” (vitalnewsngr.com)
