Good morning nairalanders, I'd like to share my thoughts in the recent economy situation of this country, though, I'm not an economist but there are some fundamental things that even a layman would understand.

I'm driving straight at the prices of the things we buy in Nigeria especially the consumables.
Just yesterday, I checked the market to price some stuffs but the price I got last week Friday has doubled the price I got yesterday (Wednesday ) and I wondered what went wrong in just 5 days?

Let truth be told, the skyrocketing of food prices in the market is majorly not due to the current economy of the country but due to the scrupulous and selfish interest of some "sect" who are only interested in making money without minding the hardship such money is posing on the consumers.


Let me cite an example, a wholesaler sells a pen for a retailer at a price of say N5 with the aid that such retailer will sell at N10 and make all possible profit, instead of such retailer to sell at that price the retailer will first contact other retailers within his/her jurisdiction to agree on the price which will definitely be much more higher than what is expected and this scenario goes on and on like that till it's out of hand.

Let me say that although, the current situation of the country isn't helping but we as common Nigerians are also not helping the situation by placing more hardships.

Let me digress a bit and ask, why will a "garri" seller say dollar has increased? Is dollar affecting the land that is producing cassava? Or is dollar affecting photosynthesis? No! It is due to our selfish interest.

The act of the retailers is such that they copy what is bad and not that is good, they will find it difficult to reduce prices of products but find it joyous to increase them.

All is not about the government, it is about ourselves.

We can stop the hardship among us, we don't have to wait for the government.

I have spoken.
Adebrave1



Lalastica, please help do the needful, let's orientate ourselves.

If you know the cost inputs that those products incur on their way to the retail shops you wouldn't have post this.

psucc:
If you know the cost inputs that those products incur on their way to the retail shops you wouldn't have post this.

I stand to disagree with you on this. The cost doesn't amount to the price they place on products

Yes unionizm is killing our market faster. Reduce your price and be dealt with that's the way it goese.

Please be informed that Nigeria is an emerging market. Certain characteristics beyond the control of the intermediaries (retailer as you mentioned) affect sales and pricing structures. Some of these characteristics from the viewpoint of Nigeria include: poor transport network, fuel price hike, increase electricity bill, just to mention a few.

Retailers also have their personal needs, and sometimes, they try to adjust their prices in order to meet the new demands from their children's schools, Landlords, Levies, etc.

Meanwhile, wholesalers and manufacturers generally have funny and hidden ways to maximize their costs. Some manipulate product quality, whilst maintaining the old price. Of course, they understand that the purchasing power of Nigerians, like some emerging market, is low, so it is not unexpected. For those who cannot reduce the quality of their products, they adjust the quantity and sizes. Have you noticed lately the reduction in the size of Gala? That's the ideology of some manufacturers.

When economy crumbles and manufacturers/wholesalers retain old prices, be wary of their products, it might be fake (below-quality).

These assertions, even though are empirical findings from a research we recently conducted, do not nullify the fact that some retailers are actually greedy. Perhaps, they might be learning from the politicians?

Project400:

Please be informed that Nigeria is an emerging market. Certain characteristics beyond the control of the intermediaries (retailer as you mentioned) affect sales and pricing structures. Some of these characteristics from the viewpoint of Nigeria include: poor transport network, fuel price hike, increase electricity bill, just to mention a few.

Retailers also have their personal needs, and sometimes, they try to adjust their prices in order to meet the new demands from their children's schools, Landlords, Levies, etc.

Meanwhile, wholesalers and manufacturers generally have funny and hidden ways to maximize their costs. Some reduce the quality of product, whilst maintaining the price. Of course, they understand that the purchasing power of Nigeria, like some emerging market, is low, so it is not unexpected. For those who cannot reduce the quality of their products, they adjust the quantity and sizes. Have you noticed lately the reduction in the size of Gala? That's the ideology of some manufacturers.

These assertions, however, do not nullify the fact that some retailers are actually greedy. Perhaps, maybe they're learning from the politicians.

I understand your viewpoint that they will sell what they but because the have family and other things to cater for, but still it isn't that bad as to what we see now.
Take for example a retailer that has store goods that he/she but at a very cheap price but decided to increase her price just to "be among". You will agree with me that isn't fair. You may say again that they have to make profit but then I'm saying let's be considerate.

psucc:
If you know the cost inputs that those products incur on their way to the retail shops you wouldn't have post this.

The only cost that should affect it is transportation/logistics cost. Dollars has nothing to do with the production of Garri locally, except it is a big manufacturing company which imports manufacturing equipment (laughs) which I doubt seriously.

But his expenses are increasing.....
- house rent
- school fees
- drugs
- transport fare.
- the handymen charge more....
He has no choice buy to go higher......

adebrave1:


I understand your viewpoint that they will sell what they but because the have family and other things to cater for, but still it isn't that bad as to what we see now.
Take for example a retailer that has store goods that he/she but at a very cheap price but decided to increase her price just to "be among". You will agree with me that isn't fair. You may say again that they have to make profit but then I'm saying let's be considerate.

Sadly, these factors are beyond the control of consumers. From whence would one even prove that the cheap goods were gotten?

Meanwhile, I think Nigeria has a price regulatory control agency. Nigerians need such agencies more at this period.

I agree with u until u said garri, dont u knw they pay transport and other things that add price? Retailers ar nt only the problem is collective the situation is over hype moreover the government is nt helping matters.

Project400:



Meanwhile, I think Nigeria has a price regulatory control agency. Nigerians need such agencies more at this period.

Then why are the agencies powerless? Let them swing into action without delay. These people are killing us, the economy and the Nation than we think oh.

association of product sellers is killing this nation,imagine pepper,banana,plantain&fruit et al hv Ass where they charge levy and money for registration just to sell small things.
long story short ask your neighbour what it take to join their sellers Association and give us ur response here.....

adebrave1:
Good morning nairalanders, I'd like to share my thoughts in the recent economy situation of this country, though, I'm not an economist but there are some fundamental things that even a layman would understand.

I'm driving straight at the prices of the things we buy in Nigeria especially the consumables.
Just yesterday, I checked the market to price some stuffs but the price I got last week Friday has doubled the price I got yesterday (Wednesday ) and I wondered what went wrong in just 5 days?

Let truth be told, the skyrocketing of food prices in the market is majorly not due to the current economy of the country but due to the scrupulous and selfish interest of some "sect" who are only interested in making money without minding the hardship such money is posing on the consumers.


Let me cite an example, a wholesaler sells a pen for a retailer at a price of say N5 with the aid that such retailer will sell at N10 and make all possible profit, instead of such retailer to sell at that price the retailer will first contact other retailers within his/her jurisdiction to agree on the price which will definitely be much more higher than what is expected and this scenario goes on and on like that till it's out of hand.

Let me say that although, the current situation of the country isn't helping but we as common Nigerians are also not helping the situation by placing more hardships.

Let me digress a bit and ask, why will a "garri" seller say dollar has increased? Is dollar affecting the land that is producing cassava? Or is dollar affecting photosynthesis? No! It is due to our selfish interest.

The act of the retailers is such that they copy what is bad and not that is good, they will find it difficult to reduce prices of products but find it joyous to increase them.

All is not about the government, it is about ourselves.

We can stop the hardship among us, we don't have to wait for the government.

I have spoken.
Adebrave



Mods, please help do the needful, let's orientate ourselves.

.

Hi poster. Pls write your username properly so I won't be getting mentions from your post. Thanks

adebrave:
.

Hi poster. Pls write your username properly so I won't be getting mentions from your post. Thanks

Noted. You can also address the issue.

Boss13:


The only cost that should affect it is transportation/logistics cost. Dollars has nothing to do with the production of Garri locally, except it is a big manufacturing company which imports manufacturing equipment (laughs) which I doubt seriously.

So because garri does not enjoy importation it should not be affected by the 'change'?