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Nairaland Forum / Nairaland / General / Business / Why Are Prices Of Goods High In Nigeria During Festive Period? (5502 Views)
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Why Are Prices Of Goods High In Nigeria During Festive Period? by Omooba77: 5:30pm On Nov 29, 2013 |
Why Americans and other developed countries celebrates festivity with sales and reduction in prices of goods and services; reverse is the case in Nigeria, prices of items always reach high time high; this put unnecessary pressure on families. Which way forward oh……….. Americans are celebrating thanksgiving and black Friday with reduction in prices of goods........ |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by eliok(m): 2:53am On Nov 30, 2013 |
price of goods are high because people will tends to buy more during festive periods. and this could be as a result that they have no money <url="http://personalfinancesecret.com"> management tips</url> |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Omooba77: 6:53am On Nov 30, 2013 |
eliok: price of goods are high because people will tends to buy more during festive periods. and this could be as a result that they have no money <url="http://personalfinancesecret.com"> management tips</url>How come USA and other developed countries always do sales during these periods............ |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by anienge001: 12:12am On Dec 01, 2013 |
Simple answer:: Nigerians are trained to take advantage of others/situations. We don't believe in turn-over, but we want every gain from a particular sale. 20 Likes |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 10:55am On Dec 01, 2013 |
The law of demand and supply. During festivities, demand is higher than supply and just a day after the festivities, the prices crash drastically to even the cost price and the seller's try to recoup their initial investment. the United States black Friday is synonymous to our "katangoa bend down select" 1 Like |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by ebamma(m): 10:55am On Dec 01, 2013 |
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Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by free2ryhme: 10:55am On Dec 01, 2013 |
simple logic - buy before the festive period its cheaper 1 Like |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by bebe2(f): 10:56am On Dec 01, 2013 |
In the western world pple wait for Christmas to get their non essentials becos they prices will def be reduced. But for obodo Nigeria , Reverse is d case. 1 Like |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by bebe2(f): 10:57am On Dec 01, 2013 |
anienge001: Simple answer:: EXACTLY!!! |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by OkikiOluwa1(m): 10:59am On Dec 01, 2013 |
Cos of increase in demand by consumers. Many people want to celebrate during the festive season. |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 11:03am On Dec 01, 2013 |
anienge001: Simple answer:: 1 billion percent true. Most 'entrepreneurs' in this part of the world are opportunistic profiteers disguised as businessmen. Nothing like economies-of-scale thinking here. They must extract as much (ungodly) profit as possible from each unit of sale. 1 Like |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by olorunthobby(f): 11:08am On Dec 01, 2013 |
Reasons 1. Increase in Demand and fall in supply causes rise in prices. 2. A Growing Economy has to pass through Inflation. 3. Lack of Competition and Advanced Technology (increases cost of production and rise in price) 4. Defective Monetary and Fiscal Policy. 5. Hoarding (when traders hoard goods with intention to sell later at high prices) 6. Weak Public Distribution System 1 Like |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 11:09am On Dec 01, 2013 |
Its not only in Nigeria but rather its a trend in most countries in African generally, morroco tunisia etc, Algeria during their festive periods always record an increased case of goods being smuggled illegally into the country because the price of their local commodities turns so exorbitant that a tier of its citizens has to resort to contraband products at cheaper rates 1 Like |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 11:19am On Dec 01, 2013 |
One word "GREED". Nigerians are greedy SOBs, especially the ones from my tribe. 2 Likes |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Everfrank(m): 11:19am On Dec 01, 2013 |
Not all over naija. Prices of foodstuff tend to fall during ramadan up north. |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 11:23am On Dec 01, 2013 |
I really wonder! You know roadside guys are the typical greedy Nigerians. The more corporate shops reduce prices of their goods during festive periods 4 Likes |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 11:26am On Dec 01, 2013 |
Everfrank: Not all over naija. Prices of foodstuff tend to fall during ramadan up north. ehn don't even get me started with what I faced during this last sallah in Abuja! |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Jelo4kul(m): 11:41am On Dec 01, 2013 |
First of all during festive periods like Christmas,everyone would love to eat to thier satisfaction,that calls for an increase in price of foodstuffs.As d price of foodstuff increases,the price of other commodities increases.Ed,the cost of gettin the foodstuff. As we all know that Nigerians don't dull at al.So thats how the chain of high prices consecutively spreads to other commodities 1 Like |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 11:46am On Dec 01, 2013 |
Opportunity doesn't come often,capitalize on the festive period,and you are made at least for a while. |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by eluquenson(m): 11:56am On Dec 01, 2013 |
Its the forces of demand and supply, which we Nigerians invariably like to use the avenue to make more profit |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by DaGeeNius1(m): 11:56am On Dec 01, 2013 |
Its all because they know people are highly desperate for the things they need during the festive periods. The Sellers, knowin a lot of Buyers would have interest during that period, they tell themselves "its your business to buy at that price or not!!!!" |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by BigBen10: 12:26pm On Dec 01, 2013 |
bebe2: In the western world pple wait for Christmas to get their non essentials becos they prices will def be reduced.Is there anything wrong with that. We are different people, we developed differently. |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nigeriakan: 12:40pm On Dec 01, 2013 |
Because Nigerians are always at their high spirits during festive periods. PERIOD! |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 12:41pm On Dec 01, 2013 |
Its due to the interaction btw d forces of demand & Supply....i.e The qtty demanded is greater dan d qtty supplier which in turn causes hoarding by. d seller... later sells to d highest bidder... |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by fasho01(m): 1:07pm On Dec 01, 2013 |
Don't understand why some people here are busy using economics terms Does mama nkechi selling chicken understand defective monetary & fiscal policies nor adamu selling cow neither does iyabo selling foodstuffs. All they know is that people have to buy so they must make the best out of it. A poster earlier said GREED & that's the simple truth. Even tailors that have more work to do still increase their pay during festive period. Its greed & wickedness joor. Not saying they shouldn't make profit o..but exploiting people is bad 2 Likes |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by rapson19(m): 1:08pm On Dec 01, 2013 |
The higher the demand the higher the price.. Tank God for economics ..tek note....shout up ur mouth bcuz u knew notin abt advance countries. |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 1:15pm On Dec 01, 2013 |
rudedough: One word "GREED".FACT!! |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by Nobody: 1:17pm On Dec 01, 2013 |
rapson19: The higher the demand the higher the price.. Tank God for economics ..tek note...[s].shout up ur mouth bcuz u knew notin abt advance[/s] countries. No need for that. |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by purplecircle: 1:33pm On Dec 01, 2013 |
Its the mentality, and ofcourse Greed some of them dont mind the item expiring they would still keep & increase price. Some comments here tella us some people fall into such category. |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by rill: 2:14pm On Dec 01, 2013 |
Spare us the economics people. It is notin else buh pure greed!!! 4 Likes |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by jaybee3(m): 2:19pm On Dec 01, 2013 |
High demand => low supply => higher prices High supply => low demand => lower prices |
Re: Why Are Prices Of Goods High In Nigeria During Festive Period? by latrust(f): 2:27pm On Dec 01, 2013 |
I think it is wickedness, some traders store some of their goods till festive period before they sell it. This is unfair. |
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