The Rental Professionals Society of Nigeria(RPSN), has expressed worry about the impact of growing transportation costs on Nigeria’s event rental industry.
Mrs. Taiwo Oderinlo, President of RPSN, stated during the recently concluded RPSN Expo/Conference 1.0, themed “Rent, Relax, and Repeat,” that the government should focus on the shipping business.
She went on to say that the cost of shipping has grown so dramatically that it is harming all businesses, particularly rents.
Oderinlo called with the government to implement policies that would help to control rapid increases in the cost of doing business in the industry, noting that the government should do more in the area of exchange rates.
The society used the conference to increase member capacity and improve their ability to seek innovative solutions to global business concerns.
An insurance firm was brought in to speak to members of the society about the need of insuring their enterprises, as well as banking specialists who supplied them with information on financial solutions that are readily available to assist them scale their business in the marketplace.
However, the first edition of the RPSN exhibition brought together manufacturers from China and other regions of Africa to demonstrate their products, share business experiences, and plan for the future.
Why this matters
This situation likely affects the availability and pricing of rental goods. Here are some possible consequences:
- Rental Price Increase: Rental companies may raise prices to cope with the higher shipping costs.
- Reduced Inventory: Companies might stock fewer items due to expensive shipping.
- Focus on Locally Sourced Goods: Businesses may prioritize products available within Nigeria only to avoid high shipping costs.
Bottom Line
RPSN is asking the government to take action to control the rising costs and potentially stabilize exchange rates.
