N6, the Nigerian rapper known as Nnamdi Nwabasili, has announced the closure of his perfume business, which he attributed to the harsh economic policies under President Bola Tinubu's administration. The decision, made in March 2024, resulted in the layoff of nine staff members, as the 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 reactions from the public included sympathy for his situation and suggestions for sourcing locally made products as a potential solution to the ongoing economic difficulties [b2f46c39].
The closure of N6's business reflects a broader trend among Nigerian entrepreneurs struggling to maintain their operations amid rising costs and economic instability. Many businesses have faced similar challenges, leading to layoffs and closures as the country grapples with the effects of inflation and unfavorable economic policies. This situation has sparked discussions about the need for government intervention to support local businesses and stabilize the economy [b2f46c39].