Newspaper publishers have concluded plans to review cover prices with effect from January 2, 2024.
The development followed inflation which has increased the cost of production.
The Newspaper Proprietors’ Association of Nigeria (NPAN) announced the proposed changes at the weekend.
The NPAN representing newspaper publishers and owners in a statement signed by the Executive Secretary, Mr Feyi Smith, said the association “took this difficult decision after a careful review of the current economic situation and our members’ production costs.”
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Our correspondent reports that the cover price of daily newspapers is between N200 and N250 and N300 for Weekend papers (Saturdays and Sundays).
The statement read, “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.
“Nevertheless, our members retained the current cover prices for over four years, while inflation more than doubled within the same period.”
The NPAN said it appreciated the fact that newspaper customers were also going through difficult times, adding that this explained why publishers had been bearing the brunt of high production costs for the last four years without adjusting cover prices.
The statement added, “We acknowledge that the negative effects of the tough economic climate are felt by our readers. It is for this reason that publishers have 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 among publishers to improve the quality of our products.”
