Newspapers to review cover price by January 2024

Media house executives under the umbrella body of the Newspaper Proprietors’ Association of Nigeria (NPAN) will review the cover price of newspapers.

In a statement by the Association’s Executive Secretary, Feyi Smith, he explained that Publishers have borne the brunt of high production costs for the last four years without adjusting cover prices.

The price adjustment according to the association will take effect from January 2, 2024.

“Our association took this difficult decision after a careful review of the current economic situation and our members’ production costs.

“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.

“We acknowledge that the negative effects of the tough economic climate are felt by our readers.

“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. Thank you,” the statement read.