The Newspaper Proprietors’ Association of Nigeria (NPAN) yesterday approved a rise in the cover prices of newspapers in Nigeria, about four years after the last increment.
A statement tagged: “Changes in Newspaper Cover Prices”, signed by the Executive Secretary of NPAN, Feyi Smith, noted that the decision followed a thorough review of the prevailing economic situation in the country.
The newspaper proprietors stated that inflation, the devaluation of the naira as well as skyrocketing production costs were some of the factors considered before the resolution by the organisation.
“With effect from January 2, 2024, members of the Newspaper Proprietors’ Association of Nigeria (NPAN), will effect changes in the cover prices of their newspaper titles.
“Our association took this difficult decision after a careful review of the current economic situation and our members’ production costs.
“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,” NPAN stated.
The body while acknowledging the negative effects of the tough economic climate by the readers, explained that it is for that reason that publishers had 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,” it stated.
In compliance with the collective decision, Nigeria’s Newspaper of Record, THISDAY has, in the same vein raised its cover prices to N400 for daily and Saturday newspapers, with the Sunday publication copy per unit now N500.
In a statement by the management, it stressed that in the last several years, particularly since the last cover price increase in 2018, the costs of producing the country’s favourite newspaper had been unrelentingly on the increase.
“With high inflation arising from naira depreciation and unstable exchange rate, increasing production costs have forced an unsustainable subsidy on us.
“In the circumstance, we are constrained to, from 1st January 2024, slightly adjust our cover prices of The Daily and Saturday Newspapers to N400 and The Sunday Newspaper to N500.
“We shall continue to deliver your favourite newspaper in line with our best tradition,” the statement added.
Emmanuel Addeh in Abuja
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