Nigerians speak on Valentine’s Day celebration

Valentine's Day, a day dedicated to celebrating love and affection, has taken a more muted tone in Nigeria this year as the country grapples with a severe living crisis. CNBC Africa took to the streets of Lagos to gauge the city's pulse on this special day, and the results were a reflection of the economic hardships faced by many Nigerians. With inflation at a staggering 28.9% and the Naira losing about 40% of its value in the past year, consumer spending trends are rapidly changing, mirroring the state of the living crisis in the country. Traditional celebrations like Christmas, New Year, and Eid al-Fitr have all felt the impact of these economic hardships, and Valentine's Day is no exception. Many Lagos residents expressed their concerns about the current economic situation dampening the mood of the holiday. While some are planning to celebrate in a low-key manner by staying at home with their loved ones, others are completely indifferent towards the celebration due to financial constraints and work commitments. The cost of living in Nigeria has made extravagance a luxury that many cannot afford. Gift shop owners in Lagos have also noticed a shift in consumer behavior, with flowers, wines, and chocolate being the signature items of the season. The prices of these items have skyrocketed, with a bouquet of roses ranging from 40,000 Naira to over 300,000 Naira, and gift packages going as high as 1.5 million Naira. Despite the challenges, online shopping platforms like Jumia Nigeria have witnessed an increase in consumer engagement during the Valentine's season. The Chief Executive Officer of Jumia Nigeria highlighted the growing interest from both men and women in purchasing gifts for each other, with categories like games, consoles, dresses, and other gifting items gaining popularity. In response to the economic hardships facing the country, Jumia Nigeria has been actively seeking to mitigate risks by sourcing products locally and offering special discounts of up to 10% on select categories. The macroeconomic environment in Nigeria calls for serious adjustments in living and business expenses to navigate the challenging times. While the spirit of love may still be present in the hearts of many Nigerians, the economic realities of the country have cast a shadow over this year's Valentine's Day celebrations. As Nigerians continue to grapple with the living crisis, the resilience and adaptability of businesses and consumers alike will be crucial in weathering the storm.