SMEs, startups facing challenges as Nigeria’s inflation soars – Jiji Nigeria

As Nigeria’s inflation rate continues to surge, reaching a new 17-year high at 22.79 percent in June 2023, small and medium-scale businesses are facing significant challenges, Jiji Nigeria, an online marketplace in Nigeria, has said.

According to the National Bureau of Statistics, the headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate, which was 22.41 per cent.

To help startups cushion the effect of rising inflation, Majolie Obaje, the marketing head of Nigeria at Jiji, said the company is empowering entrepreneurs to maximise their resources, increase sales, and grow their businesses by helping businesses to push for direct sales that eliminate commissions.

“This allows business owners to retain more of their profits and reinvest in their operations, providing much-needed relief during times of high inflation,” she said.

According to her, the online marketplace prioritises building strong relationships between businesses and customers by enabling customers to contact them directly through its seamless communication and negotiation features.

“Jiji serves as a platform for direct interaction between businesses and customers. There are no intermediaries or middlemen involved, allowing business owners to have full control over their sales process and build trust with their clientele. This transparency fosters long-term relationships and repeat business,” Obaje said.

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She said the platform supports businesses in selling both new and used items across various product categories, which provides entrepreneurs with the opportunity to reach a wide range of customers.

“We offer budget-friendly boost packages that provide optimal product visibility and lead generation, to meet various business advertising needs and ensure increased sales.

“The organisation allows businesses to include links to their websites or social media pages on their profiles, enabling customers to learn more about their brand and explore their online presence. This feature enhances businesses’ visibility, credibility, and customer engagement,” she added.

She further said that Jiji is embarking on strategic partnerships with agencies like the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) aimed at empowering businesses and providing them with access to valuable resources.