Economy
High cost of living force Nigerians to buy second-hand clothes— street traders
Some sellers of second-hand clothing, popularly called thrift or ‘Okrika’, have described the high demand and trend of the items as essential for Nigerians, amid the rising cost of living. The vendors gave their opinions on the trend in an interview with journalists on Sunday in Abuja. They said that with the rising cost of living, second-hand clothing was now widely embraced by Nigerians because of its affordability and budget friendliness. For the sellers, it is a thriving and profitable business. Both thrift and ‘Okrika’ are generally referred to as fairly used clothes, bags, shoes, imported from especially the UK and the USA, but have different market presentation, pricing and target customers. Joy Timothy, one of the commodity sellers in Bwari, said that most of her customers were students and workers, who could no longer afford new brands. She said that although both thrift and ‘Okrika’ are crucial sources of affordable clothing, thrift items are mostly newer and usually handpicked, sorted, and sometimes styled for resale.
Ms Timothy said that thrift items are sold faster in online spaces because of their style, originality, and convenience. “Thrift bale is almost new; you can find clothes by famous designers that may have been taken off store shelves abroad, probably due to a minor defect or sewing mistake; it might not necessarily have been used before. Some even come with their tags. We sort them and hang them for resale online on social media platforms like Instagram and WhatsApp, or in boutiques for those who have larger supplies.. We use online marketing because it attracts students, young professionals, and fashion-conscious buyers who prefer unique and trendy items that are uncommon,” Ms Timothy said. Ms Timothy added that prices of thrift are usually higher than regular second-hand items but are still cheaper than brand-new clothes in some boutiques or stores.
On the other hand, she said ‘Okrika’ are sold in open markets, roadside stalls, or through bale sales at much cheaper prices and is more accessible and affordable, especially to middle-income earners. Similarly, Peace Ugo, an ‘Okrika’ trader in Bwari market, said that demand for second-hand clothing had increased among Nigerians because of its affordability, stylish and budget-friendly options. She also noted that it provided a significant hustle opportunity and a source of income and livelihood for its traders, including online vendors, who, she noted, were mostly youths. Ms Ugo said that although thrift and ‘Okrika’ vendors competed for patronage, both had their target customers and neither was a threat to the other in the business. According to her, ‘Okirika’ sold faster in terms of volume and daily patronage, probably because of the physical market location, especially when new bales opened on specific days.
”Thrift, on the other hand, has a higher profit margin per piece than Okrika because those who know the value of what they were getting would pay as much to get just an item for twice the price of an Okrika item, especially if they compared the price to a brand new one,” she said. She added that while ‘Okrika’ items attracted bulk buyers like mothers, who buy for their children and wards, students and sometimes, traders who buy for resale at other stalls.
On preference, Regina Oche, a student, said that although selecting good items from ‘Okrika’ bale was a bit hectic and stressful, she preferred to sit and get as much as she wanted at a cheaper price, compared to buying one or two thrift clothing items online. “Sometimes I stand for more than 30 minutes, picking and selecting. I can get over ten good items for N1,000 per piece or even less, but in a thrift store, only one item is like N3,500 or more. What I observed is, you can still get upgraded goods like that of the thrift from an Okrika bale if you can patiently select and sometimes, even the thrift vendors get it from there too.” Another buyer, Chinwe Ofor, said that with the inflation and rising cost of living, many people turned to ‘Okrika’ items, not only for the cost but because it was more durable.
A lot of parents, especially, find it more practical to get clothes for their children who quickly outgrow clothes, from selected bales, including shoes, school and lunch bags and at very cost-effective prices too. “I also like buying from the local sellers because I believe that it will help boost their business and empower them to fend for their families, too.” However, Glory Etim, another buyer, said that she preferred thrift buying because it was stress-free, affordable and easier for a corporate worker like herself who had little or no time to go shopping in the market. She also said that her preference was also because thrift clothes were “far cheaper than new ones” and one could get a branded or high-quality piece at a fraction of the price. They usually have these unique or vintage appeal styles that are rare and not available in regular stores. Also, if you are a fashion lover, you can create a personal style that stands out, from a thrift collection instead of wearing mass-produced items,” Ms Etim said. She added that second-hand clothing had helped reduce demand for expensive brands and has promoted trendy, fashionable recycling among Nigerian youths, especially students and workers.
(NAN)
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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