By: Abdulrasheed Olokoto

Inflation is commonly defined by economists as a chronic rise in the general prices of goods and services. When inflation occurs, the purchasing power of each unit of currency diminishes, making it harder for people to afford the same quantity of goods as before.

Several factors contribute to inflation, including the rising cost of fuel, increased transportation costs, and inconsistent power supply. These economic challenges erode purchasing power and lead to a declining standard of living.

At the University of Ibadan, inflation is taking a toll on campus vendors, many of whom are grappling with the unstable commodity prices.

In an interview with IndyPress, some University of Ibadan vendors have shared the ripple effect of inflation on their businesses.

Dealing with Challenges 

Mrs. Odunayo Alabi, a vendor at the Great Independence Hall of Residence, who sells provisions and foodstuffs, lamented the instability of market prices, noting that the reduced purchasing power of students has led to a decline in patronage.

“There is nothing we can do about the inflation. I just leave everything to God. Even after gathering a lot of money, by the time we get to the market, the goods we can afford are far fewer than expected. Prices increase so quickly that even if we wait for them to drop, they just keep rising. The market is unstable, prices of food and provisions change all the time,” Mrs Odunayo explained.

She also clarified that pricing differences among vendors often depend on when and where the goods were purchased. According to her, a vendor who buys items at a lower price earlier can afford to sell them cheaper, while another who purchases the same item even later  may face higher prices.

Lamenting the situation, Mrs. Odunayo added, “One major issue is low sales. When prices were normal, we sold more. Now, goods are expensive, and customers are buying less. Everyone complains about the high cost, but we have to sell based on the wholesale costs. Transport costs have also increased from ₦2000 to ₦5000 due fuel prices.”

Mr. Gbenga, best known as Sir G, is a popcorn vendor at the Zik Hall cafeteria. Just Mrs Odunayo, he told IndyPress that he struggles with the frequent fluctuation in commodity prices, lamenting that most of his profit goes into restocking food at higher costs, while noting the significant drop in his sales compared to earlier days when it was profitable.

“Prices increase daily. For example, if we buy a congo of corn for ₦3000 today, it might be ₦3500 tomorrow. A while ago, a bag of corn was ₦9000, now it’s ₦55,000,” Mr. Gbenga said.

“Since there’s little we can do, we just try to manage. And because we’re in a school environment, there’s a limit to how much we can increase prices. But we thank God so far, we’re managing,” he added.

Sir G. compared past and present demand levels, noting a significant drop. “When corn was ₦9000 or ₦10,000, we sold popcorn for ₦50. Now that prices have skyrocketed, popcorn goes for ₦200. Everything has changed.”

He claimed that while there is no official price regulation on campus, every vendor caters for  their own customers, charging fellow vendors against extorting students. “People buy from sellers they trust. Price control wouldn’t work because we all buy at different market prices. Still, I advise my fellow vendors not to chase excessive profit.”

Mrs. Titilayo Akogun, another vendor, who sells snacks, drinks, bread, and eggs under Indy Hall A-Block, explained how she continues to cope with rising prices,  expressing faith. “I leave everything to God. He owns everything and has always helped me through,” she said.

She recalled early challenges of setting prices on campus, noting that some students accused her of price gouging, while comparing her rates to those of other vendors.

“Back then, students would compare my prices with others and say mine were too high. Some even accused me of lying about costs. But I stayed consistent, and over time, I built a loyal customer base. I’ve learned that everyone’s needs and priorities are different. What one person won’t buy, another will,” she said.

“If You are Good at What You Do, Customer Won’t Mind The Price”- a Vendor’s perceptive

Mr. Tunde, who owns a barbing salon in Zik Hall Junior Common Room, believes patience is vital in business. “Things won’t always be perfect, but as a businessman, you have to remain patient,” he said.

On price regulation, he expressed skepticism: “No matter how they implement it, some people will still complain.”

He shared how he adjusts prices for students in need. “If someone doesn’t have enough to pay for a haircut, I might accept what they have and tell them to come prepared next time.”

Despite inflation, Mr. Tunde believes quality service keeps customers coming back. “Barbers are different in their skill levels. If you’re good at what you do, customers won’t mind the price.”

Mr. Olamide, best known as Biggy,  sells provisions and foodstuffs at the Great Independence Hall of Residence. According to him, not all prices increase continuously.

“Some goods remain stable even for two years. But some, like rice, are unpredictable. Rice could be ₦2000 today and ₦6000 tomorrow. If rice prices drop, I will reduce my selling price too.”

Speaking on student reactions to inflation, he noted how demand drops when prices rise. “When a cup of beans was ₦500, I nearly had to throw my beans away as students stopped buying.”

He acknowledged the existence of campus price regulations, though not implemented.

“There’s price regulation on paper, but it’s not taken seriously. I believe your reputation determines your success. I started out by offering lower prices than others, and it helped me attract more customers. I’d rather sell quickly at a lower profit than hold on to goods for days with higher prices. I was also the first to stop adding extra charges here.”

However, Mr. Olamide doesn’t support strict price regulation. “I won’t recommend it, but I advise my colleagues to price according to what their wholesale cost.”

He mentioned that he was once accused of selling counterfeit goods, an allegation that proved to be a significant challenge for him. Mr. Olamide told IndyPress that he sometimes sell on credit but once he realizes that customers are unwilling to pay, he immediately stops extending credit

“Some vendors accused me of selling fake goods. And some customers frustrate sellers like someone with malaria saying yogurt tastes bitter, not realizing their tongue is off.”

“Others buy on credit and don’t want to repay,” he added. “But I’ve learned not to let it get to me. I stay calm and collect the money gradually, without creating conflict,”  he added.