successmatters:
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow free market economy to dictate prices.

you guys are the reason why this country is like this spity out so if he buys something of 10 he should sell at 100 for what

engrfaruq:


But it wasn't like this before, so ask yourself what motivated that. The best way is to address the root cause of the issue.

Because they are not sincere. Why not simply display the actual price?

On clergy man said that affliction shall never rise again..

Wole Soyinka and all the sophisticated ppl come see the lagos wizkids economic policies and ideas , Jesus this is even blow the most third rate brains in the jungles of okitipupa, these once upon a time brainy ppl , am laughing at u guys and for suen or the mods who are targeting me , I write good morning and u ban me , history will be show u for what u are

He leave dollar that he will reduce money he go after business owners

successmatters:
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow free market economy to dictate prices.

Read well. Sahad stores shot itself on the leg. They should have removed the old price tag to reflect what a customer pays at the counter.
Its criminal to pick a product with a price tag and see a higher price on the checkout receipt.

successmatters:
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow free market economy to dictate prices.

Keep teaching them the next line of action. Enemy of the state. U must be shamed last last

mbaise1000:


Chief, you are still calling IGBOS names and want others to blame IGBOS for this things going on in nigeria?
You haven't still realized that it's not IGBOS wailing loudest now?

Who is wailing loudest? Continue deceiving yourself.

If you have knowledge of advance fiscal and Monetary ECONOMICS, you will understand that the hardship in Nigeria is just starting.
No sane country will float their currency as a national policy and remove subsidy in a sector like ENERGY at the same.

These two policies at the same time is like trying to conserve OXYGEN by holding someone’s noise tight hoping that the person can also breath through the anus.

On the issue of subsidy removal, Tinubu acted like a promiscuous Nigerian male undergraduate who simply rushed out to buy CONDOM and changed his bedsheets simply because someone told him that he sighted his girl friend in their neighborhood. No plan of the said girl friend's visiting initially.
No consideration of whether the girl is in that neighborhood just to buy sanitary pads. Acting before planning at the extreme.

With time tissue paper may be sold at N12,000 per unit. Ph. Ph.D. or professorship can not guarantee the quality of economic advice or policy implementation.

engrfaruq:
Let the FG revert to status quo first, all this crackdown on legitimate businesses won't solve anything.

To even imagine that supermarket is their target and idea for bringing down prices is very pedestrian

LAFOCUZY:


And you think those exploiting the citizen are this people, that at least makes an investment compared to those who use their influence and position to simply steal.money that can't spend in a life time. Zero investment other than being a politician and political appoirntment


Price display crime. How can any big supermarket keep up with updating price with a galloping inflation, having such large sales inventory. Who will pay the cost of such resource required for the update.

Take for example cement, within just over two weeks, cement has moved from #5,500 to 5,700 tob7000 to 7400 to 8000 to 8500 to 9000 and now 10,000. Tell me, how can a supermarket with such large inventory size keep up with retagging the whole shop item, more likely the proce will change as they are on it.. Besides you get the receipt that has the prices and you can choose not to pay.

Why don't the govt stabilise fx rate, curb security situation that limits farming activity etc. Why didn't they model the impact of these and prepare for it before removing subsidy and floating exchange fate in the mist of unable economy and insecurity.

What were they really thinking. A case of shooting before you look and blaming the bullet.

We are talking of consumer protection act, the people are the masters, the law must protect the people from unscrupulous producers. If you can't be fair, close your shop.

Themandator:


To even imagine that supermarket is their target and idea for bringing down prices is very pedestrian

I asked myself, what would they then do about the prices of cement that rise sharply everyday.

successmatters:
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow free market economy to dictate prices.

Una just like problem for this country ... Una problems no get solution... Na military fit una...

successmatters:
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow free market economy to dictate prices.

Oga general murtala did it ... Those that sold above prices their goods were seized... Una just like wahala sha... If them really wan clean this country how many people safe sef

This is bad journalism at its worst. The store case is about consumer protection and rights and not hoarding.
The article lumped two different issues together just for sensationalism and online click bait or both.

successmatters:
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow free market economy to dictate prices.

You are confused

How can you close down people business if them buy costly them will fix price sale buy , after much looting of the country dry now then want people sale their goods free, lazy criminal groups of directors

This is the most illiterate thing I have ever seen in my life

Gerrard59:


So, Fulani herdsmen who kidnap, fleece farmers and slaughter them is not the cause of food inflation, but innocent traders who are subject to changing farm gate prices are the ones behind the inflation?

Nigerians, who do una this thing na?

IbeOkehie: Your people are at it again.

My brother the thing don tire me. It's a sad reality that 100 years of Nigeriana has turned most Nigerians into feudal-socialists.

Those who are old enough might remember that President Buhari's 1984 military government did things like this. It would be a good exercise for everyone to go check out the outcomes.

One thing is clear. Nigeria is BANKRUPT, as in totally out of money. The ONLY solution is FREEDOM for the people and the tribes. Attempts to deny this freedom will make the situation worse. I hope and pray for the best.

Good Luck to Nigeria.

successmatters:
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow free market economy to dictate prices.

Imagine a so called first class product in accounting! What a creche president! Shame on all those who foisted this calamity on us. Sherubawon economists

Seefinish:
Tinubu should go after bandits who are sacking farming communities across the country thereby causing food shortage and inflation and not people's businesses

I agree with u but in this situation action must be taken to tackle some greedy Nigerians among us most Nigerians are greedy and terrible

Good move, some people re just wicked in this nigeria, Any body that is against this move by government is also a wicked person. Any change in dollar they will increase every thing they re selling.

Good move, some people re just wicked in this nigeria, Any body that is against this move by government is also a wicked person. Any change in dollar they will increase every thing they re selling. [sub][/sub][color=#006600][/color]

They should start with cement owners. Very soon, we no go fit de pay for house rent. We will all go back to living in tents, burrows, bushes and caves.

Seefinish:
Tinubu should go after bandits who are sacking farming communities across the country thereby causing food shortage and inflation and not people's businesses

This is the truest comment.

alt3r3g0:


To be fair, the rate at which prices are changing daily, its hard to keep up with updating tags for every single product on the shelf.

When something similar happend some years back, I asked the seller if he already had profit at the old price. Why add price increase for something that was bought at old rate?

He then explained to me that where will the additional fund come for him to restock?

Similar to when Tinubu said subsidy is gone speech and prices jumped up before he dropped mic.

A tanker of 33000 litres at 3.3m to restock @ 100naira/litre, turned to close to 20m to restock. Anyone who does not have that is out of business.

See the mentality of an average Nigerian and you wonder why we have bad leaders?
So if selling a bag of rice yesterday at 30k is profitable and people prices in the market has changed, why not wait till you restock and put the right price tag on the goods instead of changing the price while the tag on the shelf is lower?
Must you sell it for 70k up from 30k even though doing that amount to selling more than 100% of the cost?

Orinechi:
Who is wailing loudest? Continue deceiving yourself.

It's not what I said or what you said that matter most here, it's the reality on ground that matters most

DeOTR:

See the mentality of an average Nigerian and you wonder why we have bad leaders?
So if selling a bag of rice yesterday at 30k is profitable and people prices in the market has changed, why not wait till you restock and put the right price tag on the goods instead of changing the price while the tag on the shelf is lower?
Must you sell it for 70k up from 30k even though doing that amount to selling more than 100% of the cost?

If you read my post well, you will see that the question you asked, was the same thing I asked the guy and the reply he gave. I even added another example using price of fuel.


To answer your question plainly, waiting to buy at the new price means you get less inventory as all your profit from the old stock has been eroded. Person may even go out of business.

Using your bag of rice example, assuming the inventory is 10 bags, he buys at 28k, sells at 30 and makes profit of 2k per bag.

Thats 20k profit for all 10. Inventory cost is 280k.

If price of rice is now 70k for one, and he waits to buy at that rate, he can only restock 4 bags (no longer 10) from the 280k..and the process goes until he is out of business.

alt3r3g0:


If you read my post well, you will see that the question you asked, was the same thing I asked the guy and the reply he gave. I even added another example using price of fuel.


To answer your question plainly, waiting to buy at the new price means you get less inventory as all your profit from the old stock has been eroded. Person may even go out of business.

Using your bag of rice example, assuming the inventory is 10 bags, he buys at 28k, sells at 30 and makes profit of 2k per bag.

Thats 20k profit for all 10. Inventory cost is 280k.

If price of rice is now 70k for one, and he waits to buy at that rate, he can only restock 4 bags (no longer 10) from the 280k..and the process goes until he is out of business.

That's why it's better they change the shelf price. It's criminal to put a price tag on an item on the shelf and quote an higher one on the counter. If they're too lazy to change the tag according to the prevailing market price, then they should sell at the old price.

It's now very clear that Tinubu is clueless, we r not in the era of the military for God's sake, why taking this draconian step. He should go after the bandits in the north forcing farmers to pay royalties before they can harvest their farm produce.

Seefinish:
Tinubu should go after bandits who are sacking farming communities across the country thereby causing food shortage and inflation and not people's businesses

Tinubu will handle economy while Shettima will handle security. But both already failed woefully.

successmatters:
That's bad

If you didn't help this business man to subsidize his purchases and expenses, if you didn't give him the capital to set up or to operate, you have no rights to force him to sell at a particular price.

But this will always backfire, as more owners lock up or transfer their goods, or go underground, the goods will enter black market, and everyone who really needs it will pay triple the cost, at the point of death.

Buharri tried that in 1984, someone should please remind me how that matter ended?

Allow a free market economy to dictate prices.

The first time I was taken to this Sahad store was in 2017 to buy a rechargeable fan, The price in this store has been tagged already just pick and pay, the rechargeable fan I wanted to buy was N28,000 another one was N32,000. i and the person who took me to this store later went to another market in Abuja to buy the Fan, the same fan that was N28,000 was later bought at N17,500... what i saw in this Nigerian market is, that some stores will differentiate the rich from the poor. and it is not like that in other countries. When coke was still N150 there are some places or clubs where if you entered you couldn't get it for less than N500. all this should be regulated.