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Why Are Nigerians So Quick To Accept Inflation? - Business (7) - Nairaland

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Re: Why Are Nigerians So Quick To Accept Inflation? by meobizy(f): 12:39am On Nov 06, 2021
1496s:
[s][/s]
AchalugoNwa, my friend.
Re: Why Are Nigerians So Quick To Accept Inflation? by pacificom: 12:42am On Nov 06, 2021
Because Nigerians have no sense of freedom.

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by blaksril(m): 12:43am On Nov 06, 2021
blaksril:
Nice view point but you seem quite vile. Most companies in Nigeria would rather pay 40% tax and have these services provided for them i.e security, good roads, power, water etc. It saves any business owner the mental strain of having to deal with these. All that business owners are asking for is that the govt provides the enabling environment. Everyone deserves a good wage and 15k is not a good wage by any stretch but that was not my point. With an enabling environment there are more employment opportunities and more goods in circulation to counter inflation. I reiterate that a country that is open for business only 10 hours a day or less( i.e that has not provided the enabling environment like power, water, security etc for businesses that want to stay open longer) would never beat inflation.

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by meobizy(f): 12:47am On Nov 06, 2021
1496s:
[s][/s]
Lol.
Re: Why Are Nigerians So Quick To Accept Inflation? by meobizy(f): 1:01am On Nov 06, 2021
1496s:
[s][/s]
AchalugoNwa, is Nkechi there? Tell her she owes me 15 naira.
Re: Why Are Nigerians So Quick To Accept Inflation? by HIGHESTPOPORI(m): 1:54am On Nov 06, 2021
SeaTrade:
I didn't say protest,
I said don't buy expensive goods and opt for cheaper alternatives,anytime a company gets greedy thinking people can't live without their finished product.
Protest will achieve nothing in this case ,just show them you can do without them and they'll look for ways to bring down price on their own.
By reducing quality?
Re: Why Are Nigerians So Quick To Accept Inflation? by redsun(m): 2:12am On Nov 06, 2021
Because there are no inflation and price indices in Nigeria. No rules, no regulations.
Re: Why Are Nigerians So Quick To Accept Inflation? by jadajada: 2:58am On Nov 06, 2021
What alternative do we have to the increase in price of gas?
Re: Why Are Nigerians So Quick To Accept Inflation? by sicily4u: 3:05am On Nov 06, 2021
That's why I like Senegal just try to increase #1 and the citizens will do protest immediately, no increment in anything for more than 10yrs, transport and other goods
Re: Why Are Nigerians So Quick To Accept Inflation? by Papichulostunne(m): 5:03am On Nov 06, 2021
SeaTrade:
Nigeria is the only country in the world where a product will jump in price by 50% and sales of that product won't change.

It has made corporations greedy and they milk Nigerians with reckless abandon at the slightest opportunity.

Why can't people just boycott those greedy brands,move to cheaper ones and let it sink in the heads of this corporations that no brand is too big to fail,irrespective of product or distribution network.

As someone that has travelled a lot around Africa,I can boast that Nigeria is the only place where this happens and consumers will show vulnerability and dependency by simply continuing patronage and showing these people that "we don't have a choice".
This is a very wrong message to pass,make una try wise up abeg.

Brand loyalty is a daft thing to do cos you would be taken advantage of by oligarchs.
I drop my pen.

This needs to get to front page let's discuss more on this.

Oghene Biko i no know oh..!! Help me ask them oh. It only give the brands/sellers the boldness to increase the price after a week or two, afterall,people must buy.
Re: Why Are Nigerians So Quick To Accept Inflation? by WHITELIGHTER: 5:10am On Nov 06, 2021
Is there alternative to bread... because it's now 800 here, used to be 250
Re: Why Are Nigerians So Quick To Accept Inflation? by WHITELIGHTER: 5:15am On Nov 06, 2021
The problem still stems from our fellow Nigerians...once they form union and agree oka certain price...they don't care how it affect the local man..come to Benin and find out how things are ridiculously expensive

2 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by IAMPEDRO: 6:07am On Nov 06, 2021
Let's start to stage a protest against price hike and you won't see any body.
Las las only me fit carry cardboard, Waka my Waka.
Re: Why Are Nigerians So Quick To Accept Inflation? by IAMPEDRO: 6:11am On Nov 06, 2021
SeaTrade:
I didn't say protest,
I said don't buy expensive goods and opt for cheaper alternatives,anytime a company gets greedy thinking people can't live without their finished product.
Protest will achieve nothing in this case ,just show them you can do without them and they'll look for ways to bring down price on their own.
How do we go about bread and gas?
Re: Why Are Nigerians So Quick To Accept Inflation? by IAMPEDRO: 6:24am On Nov 06, 2021
Cromagnon:
and what has changed
follow that step if they won't change. Na you dey reason na say wetin change, when a company lose a customer it will reflect.
Re: Why Are Nigerians So Quick To Accept Inflation? by Nobody: 6:53am On Nov 06, 2021
SeaTrade:
There are a lot of alternatives,people just don't buy them.
Whoever is saying that alternatives aren't there isn't being honest or market savvy.
Except for some select services and products like transport,energy,etc,most consumables have lots of cheaper alternatives in the markets that Nigerians are very adamant on not buying even though they're cheaper.

I mean alternative products with competitive price, I have not seen any. Maybe you can give me an example
Re: Why Are Nigerians So Quick To Accept Inflation? by Reference(m): 7:18am On Nov 06, 2021
The OP and most responders donot understand how economies work in capitalist societies such as ours.

Inflation is a macro economic influence... infection of sorts, that has no single individual entity, business, enterprise, company as a vector uptil a point when that individual or corporate entity's economic footprint exceeds the combined productive capacity of the rest of the country.

This means that no matter how powerful that individual is, that company or union is, it cannot trigger a cascade of price hikes across the entire economy if the economy remains resilient.

Thus the source of inflation is always at the place of control of economic activity, which is domiciled with government.

Practically speaking. If a bag of Dangote cement remained N800 where it was two decades ago, it will have absolutely no effect on the cost of a bag of rice, or a trip to Lagos by air or a litre of petrol at the pumps and vice versa.

It is the forces of national administration that control the rudder of overall productivity in an economy that determine what things cost on the shop floor everywhere in the world.

Because of that, good governments always keep a keen eye on inflation with fire extinguishers at a ready. Politicians fear it more than popular insurrections. Citizens demand government action at the slightest hint of it. And finally, at the polls they elect leaders who understand its dangers and are intellectually equiped to handle it. Unfortunately...

Not in Nigeria.
Re: Why Are Nigerians So Quick To Accept Inflation? by Toseenlove: 7:19am On Nov 06, 2021
Bigchristo:
That's because we Nigerians lack cooperation to speak in one vice and protest against any kind of extortion, so many of us are too proud to show they can afford it but dying in silent, Imagine the rise in cooking gas supposed to trigger serious protest if we live in a country were people corporate to voice out their grievances.

At the bolded......

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by SeaTrade(m): 7:23am On Nov 06, 2021
FreelanceRebel:


I mean alternative products with competitive price, I have not seen any. Maybe you can give me an example
budweiser now N600 ,hero remains 300 retail.
Re: Why Are Nigerians So Quick To Accept Inflation? by Rinato(m): 7:39am On Nov 06, 2021
It's simply because most Nigerians are ”stupid"
SeaTrade:
Nigeria is the only country in the world where a product will jump in price by 50% and sales of that product won't change.

It has made corporations greedy and they milk Nigerians with reckless abandon at the slightest opportunity.

Why can't people just boycott those greedy brands,move to cheaper ones and let it sink in the heads of this corporations that no brand is too big to fail,irrespective of product or distribution network.

As someone that has travelled a lot around Africa,I can boast that Nigeria is the only place where this happens and consumers will show vulnerability and dependency by simply continuing patronage and showing these people that "we don't have a choice".
This is a very wrong message to pass,make una try wise up abeg.

Brand loyalty is a daft thing to do cos you would be taken advantage of by oligarchs.
I drop my pen.

This needs to get to front page let's discuss more on this.

2 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Nobody: 7:44am On Nov 06, 2021
SeaTrade:
budweiser now N600 ,hero remains 300 retail.

You ehn. Very funny.
But hero is not a small business na, and not everybody drink na
Re: Why Are Nigerians So Quick To Accept Inflation? by Toseenlove: 7:48am On Nov 06, 2021
bigpicture001:
Money want to kee my gf ok.. just because she chose to do the right thing and reduce her profiteering in her medical lab field...

She lowered the cost of her diagnosis by almost half.. e g.. everyone does malaria and thyphiod for 1500, sh does for 700.. her pregnancy test is just 500 and full blood count etc all is very cheap..

You might think she doesn't gain.. now her place is like the full community government lab.. she takes home a minimum 70k daily.. while all our other labs takes less than 20k home daily..

Just try to be different from The excess profiteering gang whilst still being on profit... She is just 27 and is worth about 21 million... Use ur brain.. don't join the train

That your gurl should prepare for spiritual attack soon. She better go fortify herself very well because Most Nigerians are Evil.....

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by SeaTrade(m): 7:49am On Nov 06, 2021
FreelanceRebel:


You ehn. Very funny.
But hero is not a small business na, and not everybody drink na
Cuts across boards of most finished products.
Sardines,sugar,rice,alcohol,toiletries,etc...
Re: Why Are Nigerians So Quick To Accept Inflation? by bigpicture001: 7:51am On Nov 06, 2021
einsteine:


I am sure there is a lab cartel and they are not yet aware of her. They would soon come and shut her down. Nigeria needs to have a competition commission to stop trade associations from fixing prices. Businesses should be allowed to compete on price.

I love this!
Re: Why Are Nigerians So Quick To Accept Inflation? by Reference(m): 7:52am On Nov 06, 2021
IAMPEDRO:
How do we go about bread and gas?

Indeed.
Apart from the fact that in most cases there are no alternatives, is there any economic sense in shrinking the competitive space by boycotts.

As an example. If one out of the big 4 telecos were to hike its tariff and thus commit economic suicide by consumer boycott, isn't it more than likely the consumer will ultimately lose out down the line to the impending forces of monopoly.

These are the reasons why I say, inflation is not an individual malaise but a general one of which the only solution lies with those who pull the strings and levers of productivity, government.

When prices/costs rise it is them that tinker with demand and supply through credit, tariffs, ease of doing business, subsidies, andcall the tools they have to influence macro economics in general, all in a bid to regulate productivity. To cool it down if it is too hot and to heat it up if it is too cool.

You can see what the US is doing for instance about energy prices. Urging OPEC to open up the taps because inflation is rising in the States. While over here government is doing NOTHING, ZERO, about rising energy prices.

Americans, British, Europeans are not saying let us boycott gas, fuel or boycott one fuel station/company or another.

They recognise what the problem is and work with their governments to take action because that is the level at which it can be tackled.

Here we are still beclouded with sentiment so as a people cannot summon a unified demand for concerted action to tackle the worsening economy.
Re: Why Are Nigerians So Quick To Accept Inflation? by Lordofalmajiri(f): 8:03am On Nov 06, 2021
WHITELIGHTER:
Is there alternative to bread... because it's now 800 here, used to be 250
garri cool
Re: Why Are Nigerians So Quick To Accept Inflation? by Beninwitch: 8:19am On Nov 06, 2021
MartinsD12:

It's simply because we don't have a working government in place to regulate the prices of goods, imagine romoss sense 6 plus power bank I bought last three months for 10k I went back to buy another romoss sense 6ps plus only to buy it N14,500 although this particular one has led percentage display I know the price is too much like N2000 profit for the seller and our naira is too helping matters, our business men too will seize every dollar price hike to add money on their goods anyhow they want.

Pls where did you get the power bank? Computer village? I need one. Thanks. L)

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