nlfpmod:


https://nairametrics.com/2024/08/29/inflation-fccpc-gives-traders-one-month-deadline-to-crash-prices-of-goods-across-nigeria/

nlfpmod:


https://nairametrics.com/2024/08/29/inflation-fccpc-gives-traders-one-month-deadline-to-crash-prices-of-goods-across-nigeria/

creativejagaban:


The first to complain will be the sad yeast people that always accuse the FG of high cost of goods....and when the FG is making efforts to do the needful, the 'dissi-dents' will throw caution to the wind like pidom and start abusing. No be juju be that

bigpicture001:
They just convert the exchange rate and compare the prices in the US and Naija...failing to consider the following:

Cost of shipment bro Naija

Cost of clearance in Naija

Cost of transportation to Ur location

Cost of taxes on each goods sold brought about by the numerous Lagos taxes

Cost of loan for running the business

Cost of other things one can buy with ones profit when the goods is sold

Cost of rent for Ur business place


Govt never serious...

In his remarks, Bello cited a finding by the Commission, highlighting that a fruit blender known as Ninja, priced at $89 (N140,000) in a popular supermarket in Texas, was being sold for N944,999 in a supermarket located in Victoria Island, Lagos.

bentenny:

I have some questions about this interesting remark by bello.....

How much is used to transport that product from USA to Nigeria including tax that is in dollars?
How much tax is used to clear the products from the ports?
How much is used to transport that product from the port to the required destination bearing in mind that a premium is paid at the port to ensure an earlier release of those products?
Finally,if the supermarket total the funds used to get the product from it's destination USA to it's domain which is let's say 900k without adding it's profit,how do you expect such supermarket to sell it at $89 when the burden of getting it to the country is six times the amount sold in USA?

Dynamicboss:
Let’s analyze here

Price of the fruit blender in Texas - N140,000

If I buy at this price and ship it via air to door delivery, delivery cost maybe up to N100,000

I need to pay customs duty fee up to N100,000

I need to pay staff plus maintenance cost and tax, let’s
say N90,000 to N100,000 sha from the proceed.

If I make profit of N200,000

The total amount should be N650,000

Now the supermarket is selling for N950,000.

Well the government officials are not far from the truth, people are extremely greedy in this country. Though, the same government making mouth, did they realise the cost of running business had hit the roof? Fuel is almost N1,000 which is affecting almost everything in the country.

Think about cost of capital at current interest rate of 35%
Cost of diesel
Cost of insurance
Have yiu considered rent
Hiw about impact of fx fluntuation that yiu need to anticipate and sell a bit higher than current fx, should.fx number move north when yiu are ready to make next import.

nlfpmod:


https://nairametrics.com/2024/08/29/inflation-fccpc-gives-traders-one-month-deadline-to-crash-prices-of-goods-across-nigeria/

Scatterscatter:
I feel like giving this man a “big konk” on his head.
FG keeps increasing Custom duty + all the shenanigans that happens at the Port, yet you want the price of imported commodities to be cheap.

This people go just smoke Igbo finish start to dey talk anyhow.🙄

Ejehhhh:
Igbo Amaka

Yankee101:
They’ve lost ideas

Dynamicboss:
Let’s analyze here

Price of the fruit blender in Texas - N140,000

If I buy at this price and ship it via air to door delivery, delivery cost maybe up to N100,000

I need to pay customs duty fee up to N100,000

I need to pay staff plus maintenance cost and tax, let’s
say N90,000 to N100,000 sha from the proceed.

If I make profit of N200,000

The total amount should be N650,000

Now the supermarket is selling for N950,000.

Well the government officials are not far from the truth, people are extremely greedy in this country. Though, the same government making mouth, did they realise the cost of running business had hit the roof? Fuel is almost N1,000 which is affecting almost everything in the country.

DispatcherLagos:

Can I at least laugh at this cock and bull story?

Babaken:
The market association is giving fg 2 weeks to reduce dollar and import duty