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Nairaland Forum / Nairaland / General / Business / Why Are Nigerians So Quick To Accept Inflation? (24371 Views)
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Re: Why Are Nigerians So Quick To Accept Inflation? by mastermaestro(m): 10:09pm On Nov 05, 2021 |
HeadNigga: This is incorrect. Most retailers and wholesalers actually inflate prices out of greed and selfishness. For example, I went to shop close to my house to buy something. I got it for N500. Two days later, I went back to the same shop to get the same item. Behold, the shop owner said it was now N650. I raised my voice a little telling her that I was there two days earlier. And I had bought the same item for N500. I asked her how it jumped to N650 in just two days. ![]() ![]() ![]() Extortionist behaviour among retailers and wholesalers is where over fifty percent of this inflation problem emanates from. They are a greedy bunch! ![]() 5 Likes |
Re: Why Are Nigerians So Quick To Accept Inflation? by peterious10(m): 10:11pm On Nov 05, 2021 |
Kacism: Fish farming doesn't cost alot... Family can venture into the business and make money, we are now in a Nigeria that each family needs to wake up from sleep and look for alternative way of putting food on the table... That is the only way we can boycott all these things... Farming is the way out bro. 1 Like |
Re: Why Are Nigerians So Quick To Accept Inflation? by georgealmond216: 10:16pm On Nov 05, 2021 |
SeaTrade:Make we protest for a change? |
Re: Why Are Nigerians So Quick To Accept Inflation? by SeaTrade(m): 10:20pm On Nov 05, 2021 |
HeadNigga:Corporations use this forex excuse to also milk the populace as well. Agreed forex is scarce and costly, But why should a company that manufactures in Nigeria has its products inflate by up to 50% in the name of forex? Don't you know these people get forex via form M at official rates to import raw materials? Agreed there are delays here and there to get the form M fx but should that be the reason why their products should inflate by up to 50%? This greed starts right from the corporation and continues down the supply chain. Solution is to boycott and try alternative cheaper products. That time you will see the so called corporations claiming forex this and that will reduce price and even do all sorts of promo untop to win back market share. They do this because Nigerians have shown blind brand loyalty and helplessness. 6 Likes |
Re: Why Are Nigerians So Quick To Accept Inflation? by SeaTrade(m): 10:22pm On Nov 05, 2021 |
georgealmond216: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. 2 Likes |
Re: Why Are Nigerians So Quick To Accept Inflation? by Nomsco: 10:30pm On Nov 05, 2021 |
CountVersailles: Sadly, the government is not ready to protect the vulnerable consumers from these unnecessary hikes. If I may ask, what's the job of consumer protection agency? |
Re: Why Are Nigerians So Quick To Accept Inflation? by blaksril(m): 10:31pm On Nov 05, 2021 |
I am in the manufacturing sector and I can assure you that no company wants to price itself out of the market whether big or small brands. It is very expensive running a manufacturing/production company in Nigeria. Every amenity e.g power, water, roads, security etc is provided by you. Moving goods across the country is a logistical nightmare. A simple example is this, in saner climes due to availability of power and security, staff of a manufacturing firm can do two shifts (7am to 7pm and 7pm to 7am) without any fear of insecurity, cost of running generator, access to transport to and from work, etc. This firm gets more goods produced and pushed into the market therefore no scarcity. Their running costs are reduced because most fixed costs like rent, insurance, salaries etc are the same if your production is on for 12 hours or 24 hours in view of cost and sales ratio. In this country 80 percent of the businesses close by 5pm. No business owner wants to run on generator 24/7, no business owner wants to risk the lives of their staff by closing late even with increased pay or having morning and night shifts cause of insecurity. As a country we cannot beat inflation with an economy that shuts down by 8pm and starts again by 9am. That is 12 hours wasted in a day. Six months in a year. That is time that could be productive if the government is serious and puts things in place to an enabling environment for manufacturing/production companies to create maximum output. So please don't blame the companies like I said earlier, 'no company wants to price itself out of the market'. Apologies for the epistle. 3 Likes |
Re: Why Are Nigerians So Quick To Accept Inflation? by ismodiwa(m): 10:35pm On Nov 05, 2021 |
What else can we the masses do? |
Re: Why Are Nigerians So Quick To Accept Inflation? by Elsueno: 10:36pm On Nov 05, 2021 |
HenryThegreat1: This malt own pissed me off, Something way I bought a early this year around 3k-3.5k per carton..I was trying to restock last week d nigger was calling 3.8k & 4.2k. Na so jejely I just respect myself & bought fearless for 2k & a big sack of sobo in place of d malt |
Re: Why Are Nigerians So Quick To Accept Inflation? by SeaTrade(m): 10:42pm On Nov 05, 2021 |
blaksril:You were quick to point out the good sides to saner climes,but you also didn't put the fact that they pay almost 40-45% Tax but you here in Nigeria is having tax holidays and bribing tax officials or not pay tax at all. They also pay VAT on products of most times 19% and you here pay 7.5%,that is if at all you even pay. And they do all these payment in hard currency ,so dir all this your diesel talk. That labour that you want round the clock,do you know they pay factory workers in the west $12/hr and probably you are paying yours 15k a month? Your only rational explanation/excuse should be economies of scale,not here chanting diesel for generator and security like say electricity and security(paid for via high tax rate) they in the west are paying for is free. ![]() 3 Likes |
Re: Why Are Nigerians So Quick To Accept Inflation? by Poleski: 10:44pm On Nov 05, 2021 |
SeaTrade: Because Nigerians are used to suffering and smiling at the same time. Religion is another thing that made Nigerians to do nothing and hope on god to help them, even when it doesn't happen (it never happens)! 1 Like |
Re: Why Are Nigerians So Quick To Accept Inflation? by MrNipplesLover(m): 10:50pm On Nov 05, 2021 |
Since dem don dey sell ordinary egg for N100 at restaurants, I never used my money buy am. From N50 to N100... That's madness and a criminal act. Instead make I buy that egg for N100, I go rather use the money buy stone and throw it on the ground. Dead country. 1 Like |
Re: Why Are Nigerians So Quick To Accept Inflation? by Cromagnon: 10:55pm On Nov 05, 2021 |
HenryThegreat1:and what has changed |
Re: Why Are Nigerians So Quick To Accept Inflation? by Humorme2(f): 10:57pm On Nov 05, 2021 |
Nigerians are very good at adapting, that's the problem. 1 Like |
Re: Why Are Nigerians So Quick To Accept Inflation? by Elsueno: 10:59pm On Nov 05, 2021 |
adanny01: This milk seller is wicked Nigerian, Big dealers like him are ALWAYS informed b4 price increase by the manufacturer, So they can stock up b4 the official increase. |
Re: Why Are Nigerians So Quick To Accept Inflation? by Humorme2(f): 11:05pm On Nov 05, 2021 |
siofra: There are actually cheaper sardines tho. Na you dey find titus. Bought one recently for #400 |
Re: Why Are Nigerians So Quick To Accept Inflation? by ghettochild(m): 11:06pm On Nov 05, 2021 |
It's the suffering n smiling syndrome It's in our DNA now |
Re: Why Are Nigerians So Quick To Accept Inflation? by Yankee101: 11:11pm On Nov 05, 2021 |
What's the alternative? That's why competition gives more options. Semi monopolies exist in nigeria |
Re: Why Are Nigerians So Quick To Accept Inflation? by edoairways: 11:11pm On Nov 05, 2021 |
PoliticallyLeft:Ask yourself why there is high price disparity between GEJ's era and Bubu's era? |
Re: Why Are Nigerians So Quick To Accept Inflation? by einsteine(m): 11:13pm On Nov 05, 2021 |
There are various reasons for that. One particular reason I have discovered is that there is strong "cartelization" in almost every sector in Nigeria so there is little or no price competition as various trade and market associations fix prices. This isn't allowed in serious countries. Since every producer/wholesaler/retailer in a sector is increasing their prices, consumers have no other option than to buy because they can't boycott the entire sector. Another reason is that Nigerians are very optimistic and believe that there would be money in future to purchase these commodities and goods and with this optimism comes a refusal to downgrade their appetites in the face of increasing prices. 5 Likes 1 Share |
Re: Why Are Nigerians So Quick To Accept Inflation? by edoairways: 11:16pm On Nov 05, 2021 |
Yankee101:There are alternatives just that most Nigerians are reluctant to change. There are different brands of paracetamol to relief pains and headache however most Nigerians prefer Emzor because of excessive advertisement. Other brands serve better in treating that ailment however most Nigerians prefer Emzor. Another is indomie noodles. Golden penny noodles has good taste however most Nigerians still prefer indomie noodle. These are some of the numerous examples out there 1 Like |
Re: Why Are Nigerians So Quick To Accept Inflation? by Simpubozz(m): 11:17pm On Nov 05, 2021 |
I’m Nigeria, anything that goes up no dey come down, especially tfare even though fuel is reduced back to N65/Liter |
Re: Why Are Nigerians So Quick To Accept Inflation? by edoairways: 11:19pm On Nov 05, 2021 |
Poleski:Have it at the back of your mind, not all Nigerians are religious. |
Re: Why Are Nigerians So Quick To Accept Inflation? by Yankee101: 11:21pm On Nov 05, 2021 |
edoairways: You're talking of market dominance. These brands you've mentioned are perceived market leaders. Premium brands attract a premium price |
Re: Why Are Nigerians So Quick To Accept Inflation? by einsteine(m): 11:22pm On Nov 05, 2021 |
bigpicture001: 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. 7 Likes 2 Shares |
Re: Why Are Nigerians So Quick To Accept Inflation? by chaloskyx: 11:23pm On Nov 05, 2021 |
CAUSE OUR LAZY ASS DO NOT PRODUCE ANYTHING WE ARE DEPENDAT ON FOREIGN PRODUCTS IF IT LIKES INCREASE BY 1000% WE WOULD BUY IT UNLESS WE ALL ACCEPT TO EAT GRASS |
Re: Why Are Nigerians So Quick To Accept Inflation? by edoairways: 11:45pm On Nov 05, 2021 |
Yankee101:These brands have good substitute however ignorance and brand loyalty wouldn't make most Nigerians sort for alternatives. Emzor paracetamol is not better than other paracetamol brands in Nigeria. Same Emzor is having hard time in selling their caplets ( Emcap extra; the equivalent of panadol extra). Because GSK has invested heavily on advertisement which result in brand loyalty, most Nigerians find it difficult to use other alternatives. They will however use it if a doctor specifically prescribe a specific brand outside the most sought after. For those who are reluctant to switch to other noodles, it may shock you to know that those food vendors selling noodles rarely use indomie. |
Re: Why Are Nigerians So Quick To Accept Inflation? by Epeegee(m): 11:57pm On Nov 05, 2021 |
Do not blame the taxi man sir,price of spare parts would be one of his reasons |
Re: Why Are Nigerians So Quick To Accept Inflation? by Tremple8v: 11:58pm On Nov 05, 2021 |
The problems is that 9ja people no get time , small hold up for road , everybody go dey press car horn as if them want go hold up . Every body for 9ja no get time . Everything fast fast . Suffering and smilling nation. 3 Likes |
Re: Why Are Nigerians So Quick To Accept Inflation? by highoctane: 12:09am On Nov 06, 2021 |
SeaTrade:If you survive in Nigeria and Zimbabwe. You can survive in Siberia, Kalahari desert, and jungles of America's. You and I are also benefitting from what you just complained, why? There re lots and lots of problems in Nigeria and Zimbabwe, find a solution to any of them. Boom you are a in money. |
Re: Why Are Nigerians So Quick To Accept Inflation? by Valuc: 12:16am On Nov 06, 2021 |
The problem is us... They be like... If u no go buy comot make another person buy 1 Like |
Re: Why Are Nigerians So Quick To Accept Inflation? by blaksril(m): 12:33am On Nov 06, 2021 |
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. SeaTrade: 1 Like |
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