By Samuel Edu
Printing business outfits are gradually folding up due to high cost of printing materials, The Hope has learnt.
Also feeling the heat of spiral inflation is the newspaper industry as many newspapers in the country might be squeezed out of circulation due to high cost of printing materials.
Investigation has shown that newspapers whose major production needs are imported have cut down their pagination and barely limping to survive or stay afloat.
A market survey by The Hope revealed that the costs of production imports like newsprint, plate and laser have shot up by over 500 per cent.
Also crippling the industry is the unstable price of petrol and diesel whose prices have gone up and many times unavoidable.
Among other businesses, printers and graphics designers have been badly hit as a result of increase in the cost of various printing materials.
In a chat with The Hope, printers in Ondo State expressed displeasure over the present situation, noting that a good number of their members have folded up.
Sunday Olakunle of Sunola Enterprises said the present economic hardship in the country is having a serious negative impact on the printing industry.
He said the prices of production materials , including paper, ink, and printing equipment have been increasing, while the revenue from traditional print advertising has been declining. This has made it difficult for many printing outlets to stay afloat.
Another printer, Orumoloye Akinola said printers are facing very difficult time. The materials we are using are very expensive and there is less money in circulation.
“For instance, initially we bought carbonized paper, the one we use to print receipt at the rate of N4,800 per ream but now, it is N23,000, there was even a time we bought it N45,000. But as I speak with you, it is N23,500 from N4,800.
“A4 paper was initially sold for N550 per ream now it is N3,300. I can go on and on giving you the prices before and now. The truth of the matter is that things are hard and gradually becoming unbearable.”
Omoniyi Tope said “there are different sizes of paper. We have 70, 75 and 80 grams, but 70 grams is the least and that is what we now buy for N3,200 from an initial price of N550.
“Also initially, we were buying the smallest size of ink for N2,100, but now, it is N3,500. As it is now, there is no more profit at all in the business.
“If you do a job of N50,000, hardly will you be able to have up to N5,000 profit except such an individual already have the materials and only need to buy few more. This is why businesses are folding up.
Another printer who does not want his name mentioned said, “there are different sizes of plates, we have A3, A1, A4, A2. This A3 you are seeing was initially sold for N350, but now it is N1,000. Now tell me how much we will charge customers for us to be able to make enough profit?
Akin Olaolu said “over the last few weeks, my sales have gone down. Before now, we have been complaining of the drop in the profit margin in our business but it grew worse this year.
“We all know that to a very large extent, the price of fuel is a major determinant of prices of commodities. For several months, Nigerians have been faced with increase in the price of fuel.
“Initially, every weekend like this, everybody will be busy working especially people that have customers getting married and are printing souvenirs, but as you can see, everyone is just walking around while some are playing drafts because there is no work. It is someone that have money to eat that will remember souvenir.”
