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Why Are Nigerians So Quick To Accept Inflation? - Business (4) - Nairaland

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Re: Why Are Nigerians So Quick To Accept Inflation? by Depressed101: 8:27pm On Nov 05, 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.
it doesn't work that way. You want brands to sell at cost price? Manufacturers are having hard time sourcing forex, and when they get, they get it at high price, how do you expect them to sell below their cost price? cool
Re: Why Are Nigerians So Quick To Accept Inflation? by saintmm(m): 8:29pm On Nov 05, 2021
Lots of things needs to change in our mindset.
Nigerians love showing off, intimidation and oppression. Even if they are at the receiving end now, they believe table will turn and they will be there one day.
Also, Nigerians are docile, never bother about what their right is. They like to complain and pray but not ready to take a single proactive action.
So, everyone believes that how the society is.

6 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Emotionss: 8:29pm On Nov 05, 2021
[color=#006600][/color]
Timoleon:
I can’t count the number of times I refused to buy items or from particular shops because of increases as little as 10naira.

And people you're better than fainancally will start mocking you. Calling you broke or stingy. Because to them what is extra 10,50,100 or even 500 Naira that you can not pay.

Nigerians are so used to oppression, hardships and intimidation that it has become a nominal thing for them.

8 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Godmademan(m): 8:29pm On Nov 05, 2021
Vinnie2000:


Simply because we will conduct our own 'Inflation' later.. sad cheesy
You increase the Price of Flour, I increase Price of my bread..
You increase Tomato price, I increase Price of my Stew rice..
You increase condom price, I increase my Towtow price.. lipsrsealed

Part of the reason. Another reason omo noticed is that most times the prices rise across brands not in isolation. For example if golden penny spaghetti rises from 400 to 450, the less patronized dangote moves accordingly from 350 to 400. As a consumer, when you weigh the difference in quality you tend to settle for your favorite. Even in the market, if mama Hawau increase bread to 500, mama efe wey no dey get customer go increase hers to 510 you end up wasting your time touring in search of cheaper price that no longer exist.

2 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Omoluabi16(m): 8:29pm On Nov 05, 2021
RealLordZeus:
Forget about the leaders and big corps, we citizens are terrible when it comes to morality.

You will see a product the manufacturer branded it boldly that the retail price is 50naira and the mama shop insisted on selling it at 80naira, and you need to use that product, you just frown face, blame buhari and buy the product.

All this trader associations are also local thieves


Of course, middle men scam
Thats how dangote cement was being sold at 70%-80% above the factory price
It is a merry go round. Technically, we are all guilty. It is still that need to make 'gain' or rip people off. The corona virus just showed how Nigerians are. Everything went up for no reason.

2 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by ruggedtimi(m): 8:30pm On Nov 05, 2021
Example na Titus sardine

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by Izongdave(m): 8:30pm On Nov 05, 2021
Government that we all have a stake isn't giving to our yearnings that private individuals, okay, you no get hands to manufacture you own product ni?
Re: Why Are Nigerians So Quick To Accept Inflation? by jaxxy(m): 8:32pm On Nov 05, 2021
Vinnie2000:


Simply because we will conduct our own 'Inflation' later.. sad cheesy
You increase the Price of Flour, I increase Price of my bread..
You increase Tomato price, I increase Price of my Stew rice..
You increase condom price, I increase my Towtow price.. lipsrsealed


Look at government borrowing more money for ridiculous expenditures rather than reducing expenses. It’s a mismanagement mentality to keep adjusting to rubbish for no reason and any reason.

3 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Don27tiky(m): 8:33pm On Nov 05, 2021
PoliticallyLeft:

You'll be surprised that 80% of Southerners are happy that things are hard in the country even though they are suffering.

If they purchase cheaper substitutes, how will they post on Instagram that they purchased something worth 1000 naira for 2000 naira and blame Buhari? grin

Check any post that criticises the incumbent government, it always goes:

Under Jonathan T was 2 naira , under Buhari it is 5 naira.

They do not ever blame the retailers who are doubling profit.

Put differently, for most of Nigerians inflation is a payback for voting Buhari in 2015 grin.


you are so right. Some people even pray that things get worse so they can blame Buhari. A taxi driver decided to increase the fare from 100 to 200 and he said na this regime cause am, to my surprise others started calling Buhari evil. When clearly the man was exploiting us all. I told them we are the ones bringing evil to ourselves not the government. It was me against all in the taxi that.

3 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Depressed101: 8:33pm On Nov 05, 2021
HeadNigga:
Blame the government for inflation not corporations. So if the cost of raw materials/production skyrockets you expect a company not to review it's price upwards?

Your argument will only be valid if we know for sure that there isn't general inflation and a company just changes the price of it's product...but as it is in Nigeria, we all know there is general inflation as a result of the forex rate coz we are import dependent.
the rest people above are suffering from mental poverty, I can't believe old men don't know why there's inflation, they think retailers, manufacturers just make up price and dish out to people. Kai we are gone as a people if we don't know the simple economics behind inflation.
Re: Why Are Nigerians So Quick To Accept Inflation? by MartinsD12(m): 8:35pm On Nov 05, 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.
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.

2 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by faste: 8:37pm On Nov 05, 2021
Blackie46:
The worst is in the transport sector especially Onitcha-Asaba route. Those wicked transporters will just hike price unnecessarily. Sometimes #500-#800 depending on how they feel. You will see people willing to sit on attachment without protesting the price. The bike guys too aren't helping matters. Some of them charge as much as #500 per passenger just to cross the bridge. Nigerians will still adjust instead of boycotting these thieves
This one is caused by police and army exhorting motorist in that axis.
Re: Why Are Nigerians So Quick To Accept Inflation? by Don27tiky(m): 8:39pm On Nov 05, 2021
HeadNigga:
Blame the government for inflation not corporations. So if the cost of raw materials/production skyrockets you expect a company not to review it's price upwards?

Your argument will only be valid if we know for sure that there isn't general inflation and a company just changes the price of it's product...but as it is in Nigeria, we all know there is general inflation as a result of the forex rate coz we are import dependent.
i leave in Abuja and we buy our food stuffs at a local market. Believe a measure of rice still sells for #550 at that market. People go there buy and sell for #900. I buy my yams from my state, benue very Cheap. #1000 yam from benue goes for #5000 or more in Abuja. Will you say government is responsible for this as well or it’s just wickedness

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by bigpicture001: 8:39pm On Nov 05, 2021
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

9 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by PROPEACE: 8:41pm On Nov 05, 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.
Lol the answer is simple. All those businesses be they Telecom or crayfish sellers, Carpenters or ice block sellers, bakeries or or school business, they all have unions my brother, they all increase the prices together, they think they are doing their customers but they don't know they are doing themselves, as they increase their prices, other businesses will do same and that is how we unite and destroy the country. Whenever I say Nigerians are very wicked especially to ourselves, they call me unpatriotic but you see me ehn, I don't practice false patriotism, I always say it as it is. My country men are irredeemably wicked; we call it hustling, unfortunately.

5 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Krismas(m): 8:41pm On Nov 05, 2021
grin Behold the man who resisted N50 bribe. Rather than blame government for abandoning the people to harsh excesses of capitalist middlemen, they blaming the helpless people? If Agbero hike price, how far can u trek from Lagos to Kano? Businesses have unions that impose the indiscriminate price hike on all its members. Leaving consumer little or no alternatives. Some drivers are even flogged by those agberos to ensure they maintain the hiked price! The consumers do not have unions!

Re: Why Are Nigerians So Quick To Accept Inflation? by Nobody: 8:42pm On Nov 05, 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.

There are no options or very few options. The market also lack competitions.

Brands are also very few in Nigeria. Look at brand like spaghetti, indomie, how many options are there?

Also once your tastebud is used to one product, it is hard to change.

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by Blackdisciple(m): 8:42pm On Nov 05, 2021
Hmmmm inflation, I used to even go into angry comments with people I want to buy things from....
Re: Why Are Nigerians So Quick To Accept Inflation? by gbengaeed(m): 8:44pm On Nov 05, 2021
I dont buy sausage roll from that oldest brand because of this unnecessary increase.


HenryThegreat1:
At least I have boycott in buying and drinking two particular brands of malts ever since they increased their prices from N200 to N250.
Re: Why Are Nigerians So Quick To Accept Inflation? by ttmax09(m): 8:44pm On Nov 05, 2021
siofra:
Who still dey eat sardine??

If you're still eating sardine God will judge you angry

Re: Why Are Nigerians So Quick To Accept Inflation? by erubati: 8:44pm On Nov 05, 2021
I have been trying to buy a new oral b toothpaste since last week but was always priced at 500naira.i even priced it at ibadan when I travelled but still at same price.i came back to Lagos and tried to buy around ketu but was still sold at 500 naira.i just resigned my fate and concluded I would buy it anywhere I come across it again.my mind just pushed me to one woman under the bridge and I asked her the price and to my surprise she said 450naira.
Even kerosene is priced at 700 in majorly all areas of ketu,but u go still see only very very very few sell it at 650 naira.
We are the most wicked set of African human beings God created.
I fit talk am anywhere

9 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Mshelia01: 8:45pm On Nov 05, 2021
This is one of the neat topics I have seen this year

4 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Nobody: 8:46pm On Nov 05, 2021
CountVersailles:
I ask myself this same question a lot. I've not seen it happen once that commuters, for example, will protest hike in transport fares by trekking and actually showing these danfo buses who's boss.
In America, black people started walking as a form of protest to segregation in buses. Na beg dem beg dem las las to please come back.

The last time, they had the opportunity during the endsar protest, they were protesting for gay rights and destroying their cities and workplaces

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by lereinter(m): 8:47pm On Nov 05, 2021
There are few reasons responsible

1, religious reasons - that's when you hear things " akole Olorun ni" " Ari tiwa se" " Ari Anu gba"

2, ethnic bigotry - this is visible as found that a ethnic group not protesting due to their ethnic person being in power

3, political rascalism - when apc person see you as a pdp if you speak against the ills of the society if apc is in power and vice versa

Docility, Docility, Docility and Docility

Nigerians are generally docile, the ignorant are to many, people who can't emancipate themselves from mental slavery are too many

This land is a confused place

3 Likes

Re: Why Are Nigerians So Quick To Accept Inflation? by Yusman316(m): 8:47pm On Nov 05, 2021
benzzyno:
It's a Nigerian thing.. That 'i no get choice mentality' (and e terrible) every person selling a thing to you feels there are doing you a favour.. If u no buy 20 other pipo go buy am like dat.... Once I'd wanted to use POS to withdraw some money.. Elderly lady, told me she would charge 200 naira.. I accepted told her i will transfer the money to her.. She told me she would give me a number to call and tell the person am sending money... Then he will confirm when he sees it before she gives me the equivalent amount in cash.. Told her to call the person herself because its supposed to be a part of her business, she said i should call because she is doing me a favour..that if i can't call the person i should go.. Lol.. Sounded truly funny.. Maaami! Doing me which favour? And i will still pay ur 200 naira POS charges...? I told her she wasn't doing me any favour, that am paying for the service. The funny thing was, everybody there started murmuring that i don't have respect, am not greatful and plenty other murmurs... You can imagine the mentality alot of us hold!.. That's why even in leadership, we can never stand with one voice...
That's part of the problem of Nigeria. A person doing a job he/she is been paid for, will still make u feel like they are doing u a favor by doing their job
Re: Why Are Nigerians So Quick To Accept Inflation? by yusuf0876(m): 8:48pm On Nov 05, 2021
We need to protest about the hike in gas price,if care is not taken by January we will buy 1kg ₦1000

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by Krismas(m): 8:50pm On Nov 05, 2021
bigpicture001:
Money want to keep 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 work about 21 million... Use ur brain.. don't join the train
grin The lab unions neva come shut her lab
Re: Why Are Nigerians So Quick To Accept Inflation? by bilulu(m): 8:56pm On Nov 05, 2021
SeaTrade:
It is very bad and terrible out here honestly,price hike across a value chain and people keep patronising like nothing happened.
It is making me think that Nigerians are not as poor as they claim,they just want to play pity party.
we like show off, we like to show we can afford it even when we know it's with our last money, we don't like to show we re poor even when all indices are pointing towards that
Re: Why Are Nigerians So Quick To Accept Inflation? by lugado: 8:57pm On Nov 05, 2021
In summary
Inflation is caused by
Government policies
Demand and supply
Scarcity of products
Greed

1 Like

Re: Why Are Nigerians So Quick To Accept Inflation? by kutashi: 9:00pm On Nov 05, 2021
HeadNigga:
Blame the government for inflation not corporations. So if the cost of raw materials/production skyrockets you expect a company not to review it's price upwards?

Your argument will only be valid if we know for sure that there isn't general inflation and a company just changes the price of it's product...but as it is in Nigeria, we all know there is general inflation as a result of the forex rate coz we are import dependent.
I think the government case in this issue is like 10%, if not 5%!
Largely, inflation in Nigeria are specific inflation but for docility of the consumer, they always makes it look like general inflation. We were more import dependent that now. Evidence to support this are level of poverty and hunger forcing people to embrace our local products, giant stride of government in Agriculture and lastly, statistics also attest to this.
Back to my arguement. If you follow the trend, Increase in fuel price was the only deciding factor responsible for inflation in Nigeria. When this has been 80% successively blocked, they turn to Dollar. Even what we produced locally without any of its component sourced outside the country also increased in price! And they're enjoying this 'Dollar inflation' because it will take a while and one evil among the player to nip it in the bud!
The next phase will be total removal of subsidy!
Or how do you explain how a company will just wake up and increase their product by N300 while the retailer has been selling above that increase for years!
Re: Why Are Nigerians So Quick To Accept Inflation? by MisterKay321(m): 9:00pm On Nov 05, 2021
siofra:
Who still dey eat sardine??

If you're still eating sardine God will judge you angry
grin

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