NPAN announces cover price adjustment from January 2, 2024
The Newspaper Proprietors’ Association of Nigeria (NPAN) has officially announced a revision in the cover prices of newspapers produced by its members, set to take effect from January 2, 2024.
In a statement released on Sunday in Abuja and signed by the Executive Secretary, Mr. Feyi Smith, the Association expressed that members had maintained the current cover prices for over four years, while inflation had more than doubled during the same period.
Smith stated, “Our association arrived at this difficult decision following a meticulous review of the current economic climate and the production costs experienced by our members.”
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The adverse effects of inflation and the devaluation of the pound on members’ production costs were underscored by Smith, as these factors have substantially diminished profit margins in recent years.
Recognising the economic challenges faced by readers, Smith underscored that publishers have endured high production costs for the past four years without adjusting cover prices.
He expressed optimism that readers would comprehend the necessity of this price increase, given the prevalent economic circumstances.
“We hope that this price increase will be met with understanding from our readers as we continue to make efforts to leverage technology and enhance collaboration among publishers to elevate the quality of our products,” Smith concluded.
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