N6, the Nigerian rapper known as Nnamdi Nwabasili, recently announced the closure of his perfume business, attributing the decision to the harsh economic policies under President Bola Tinubu's administration. This move, made in March 2024, resulted in the layoff of nine staff members, as rising interest rates led to increased prices that deterred customers. N6 took to social media to express his frustrations, resonating with many netizens who shared similar experiences regarding the current economic climate in Nigeria [b2f46c39].
In his tweet, N6 lamented the challenges faced by entrepreneurs in Nigeria, highlighting how the economic situation has affected not only his business but also the livelihoods of his employees. The public's reactions included sympathy for his situation and suggestions for sourcing locally made products as a potential solution to the ongoing economic difficulties [b2f46c39].
Adding to the narrative of economic distress, Desmims Broadcast Nigeria, Nigeria's first private TV station, has also suspended operations due to similar harsh economic conditions. The announcement was made by Idris Mustapha, the Acting General Manager, who cited rising power costs as unsustainable for the station's operations. This decision has significant implications for Nigeria's media landscape, as many businesses struggle to meet their financial obligations amid the ongoing economic crisis [c3b5ff4d].
The closure of both N6's perfume business and Desmims Broadcast reflects a broader trend among Nigerian entrepreneurs and media outlets grappling with rising costs and economic instability. This situation has sparked discussions about the need for government intervention to support local businesses and stabilize the economy, as many are facing layoffs and closures [b2f46c39][c3b5ff4d].