In a significant development for the media landscape, the Newspaper Proprietors’ Association of Nigeria (NPAN) has declared that, effective January 2, 2024, there will be alterations in the cover prices of their newspaper titles.
This announcement, made by NPAN President Mr. Smith in a statement released on Sunday in Abuja, reflects a carefully considered decision made by the association.
Smith elucidated that the decision arose after a meticulous review of the prevailing economic situation and the production costs incurred by NPAN members.
He underscored the profound impact of inflation and the devaluation of the naira, which have exerted substantial pressure on members’ production costs, leading to a notable decline in profit margins over the past few years.
“Nevertheless,” Smith pointed out, “our members retained the current cover prices for over four years, while inflation more than doubled within the same period.”
This statement illuminates the association’s commitment to providing stability to readers amid challenging economic conditions.
Acknowledging the economic challenges faced by the readership, Smith empathetically stressed that publishers have borne the burden of high production costs for the past four years without adjusting cover prices.
This move, he assured, was not taken lightly but was deemed necessary for the sustainability of quality journalism in the face of economic realities.
Smith expressed optimism that readers would comprehend the compelling need for this price adjustment, considering the economic landscape.
“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,” concluded Smith.
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