Newspapers cover price will rise from next week, Newspaper Proprietors’ Association of Nigeria (NPAN) has said.

The association hinged the decision to raise the cover price on high production costs and the prevailing economic situation.

NPAN’s Executive Secretary, Mr. Feyi Smith, noted that inflation and the devaluation of the naira had had negative impact on members’ production costs and profit margins.

In a statement, Smith said that member newspapers retained the current cover prices for over four years, despite inflation doubling within the same period.

The statement reads: “With effect from January 2, 2024, members of the Newspaper Proprietors’ Association of Nigeria (NPAN), will effect changes in the cover prices of their newspaper titles.

“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. 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 amongst publishers to improve the quality of our products.” (The Nation)