Inflation is raising the cost of entry for even some of the country’s smallest informal businesses.
Starting a roadside business selling akara in Nigeria now requires triple the minimum wage in startup capital, according to estimates from traders and a survey of equipment and ingredient prices.
For many Nigerians seeking self-employment as jobs remain scarce and household incomes come under pressure, the akara business has long been viewed as one of the cheapest ventures to start. But rising prices of cooking gas, beans, groundnut oil and basic equipment have significantly increased the amount needed to open a modest roadside operation.
A basic setup now includes a medium frying pan costing about N12,000, a 12.5kg gas cylinder priced at around N45,000 and an initial gas refill costing roughly N18,750. Ten litres of groundnut oil sell for about N21,000, while half a bag of beans costs approximately N65,000.
The supporting equipment also
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