Omenlon:
yes, you in a capitalist economy but not a lawless economy.

sorry, did you just say that the Nigerian economy is not a lawless economy? can you pls explain how the Nigerian economy is not lawless?

MT:


So you dont know that when borders are opened, demand for dollars, CFA etc will reach the roof and the naira will be in decline.

Why did you think the Govt close the border in the first instance?

The ONLY reason Buhari closed the border was to encourage local producers. But unfortunately, local production can't meet consumption. And the little products available has much demand on them. Simple economic theory shows that price will definitely go up. The best and easiest solution is to open the borders.

The increase in price doubled after Niger republic border was closed.

Asantesanaa:
We don't want investors that wants to hoard

but we can let politicians hoard the wealth of the country for themselves

So u want ppl to come invest million of dollars and buy all the food and watch some ppl un red uniform come and lock their warehouse...they were not the one who told you to outprice most of your citizens

Useless talk indeed.

The corrupt ones surely.

ViceGovernor:

But the prices of food is at an all time high.....never in the history of Nigeria has food been this expensive since it's about profit for them why are those hoarders still keeping food in warehouses.

They are the ones jacking up the price because of excess greed.
It's a good thing government is stepping in now.

but why has government not cracked down on dangote cement as the price of cement is now 10K?

why did the government not crackdown on banks even after accusing them of hoarding dollars?

Jayhome24:
Which investor? So investors is coming here to do hoarding business or what

but why has government not applied the same whip on dangote cement as the price of cement is now 10K?

why did the government not crackdown on banks even after accusing them of hoarding dollars?

spiSeyi:
One of the hoarders spotted , I heard from a reliable source that the inflation in commodity price is artificially by big men who serve as middle men to Indias and Chinco. The Indias and the Chinese guys pay them in USD to buy massive local rice, grains and cassava then repackage the rice as imported, use the cassava for garri production and cassava flakes then sell back to Nierians at outrageous price.
The best way to curb the current commondity the crisis is to halt every form of food export and stop every means of cash transaction in FX

The greedy farmers won't go to farm again. This might cause a ripple effect of the current hardship we are already facing.

EverythingPhone:


Seal any store or ware house hoarding
We don’t need hoarding at this point
We need equal distribution of food

Meanwhile I track lost or stolen phones or devices at at an affordable fee
A trial will definitely convince you
Contact me via siggy below

then why has the government not sealed dangote for high cost of cement and banks which it accused of hoarding dollars?

matify83:
It won't scare away genuine investors but those out to fleece Nigerians by hiking prices of everyday goods despite price tags clearly showing a lesser price.

very good. so what the government done to dangote and to banks that fleece Nigerians?

tony0806:


The ONLY reason Buhari closed the border was to encourage local producers. But unfortunately, local production can't meet consumption. And the little products available has much demand on them. Simple economic theory shows that price will definitely go up. The best and easiest solution is to open the borders.

The increase in price doubled after Niger republic border was closed.

Buhari close the Southern Borders only to Favour his Northern Brothers.
So if there's no PRICE CONTROL BOARDS
Just like Nafdac agency that Will Regulates all various prices nothing will work because is only in NIGERIA THAT WHAT EVER GOES UP CANNOT COME DOWN (NIGERIA BREAK THE LAW OF GRAVITY) BORDERS OPENING AND PRICE CONTROL BOARDS IS THE ONLY SOLUTION NOTHING ELSE WHY DID YOU GUYS THINKS PDP GOVERNMENT WHERE ALWAYS SUCCESSFUL FOODS WERE ALWAYS COMING IN..

spiSeyi:
One of the hoarders spotted , I heard from a reliable source that the inflation in commodity price is artificially by big men who serve as middle men to Indias and Chinco. The Indias and the Chinese guys pay them in USD to buy massive local rice, grains and cassava then repackage the rice as imported, use the cassava for garri production and cassava flakes then sell back to Nierians at outrageous price.
The best way to curb the current commondity the crisis is to halt every form of food export and stop every means of cash transaction in FX

what is the name of your reliable source?

how did middle men to Indians and chinese cause inflation in Nigeria?

can you pls explain why the government has not cracked down on dangote for high cost of cement?

seunjungle1:
They should allow those investors to be hoarding food so that you and I can continuing in hunger....people like you are unfortunate to humanity

why has dangote not been punished for high cost of cement?

why were banks not punished even after CBN accused them of hoarding forex?

In all of this,what are the governors doing. They are getting more money now and they are doing close to nothing. What is happening to our governors, let's mount pressure our state governors too,to do something and alleviate poverty in their respective States.

You're very correct oo,politicians don't know anything about business embezzlement is what they understand, if you good for sometime to appreciate is that hording?.

tony0806:
100% correct.

As a business man that chose to invest in foodstuffs just like ANY OTHER BUSINESS MAN. When price of foodstuffs were low, I used my hard earned money to buy them in bags and stored. And when prices are higher, I bring them out to sell.

And you open your dirty mouth to say i am "hoarding"? Come to my ware house let me tell you something first!

Thieves!

You're very correct oo,politicians don't know anything about business embezzlement is what they understand,So if you buy good for sometime to appreciate is that hording?.

tony0806:
100% correct.

As a business man that chose to invest in foodstuffs just like ANY OTHER BUSINESS MAN. When price of foodstuffs were low, I used my hard earned money to buy them in bags and stored. And when prices are higher, I bring them out to sell.

And you open your dirty mouth to say i am "hoarding"? Come to my ware house let me tell you something first!

Thieves!

nlfpmod:


Atedo Peterside

Previous thread https://www.nairaland.com/8002490/fg-seals-off-sahad-store#128482783

Are investors coming to Nigeria to hoard goods?
Is hoarding acceptable in their home countries?

albert2512:


Who invest in food hoarding at a time like this? It is exactly like hoarding fuel during fuel scarcity. Not all investment is to be encouraged especially when it is crippling the economy.

We think one sided.
Investors have inventories. Market men and women have stores where they buy in bulk and sells.

Some buy bags of rice, beans, garri etc store it in the shop and sells little by little. And it takes weeks to finish selling those items.

I have someone who from the east, goes to villages in Banue, and interior villages in the north, takes trucks buys foods and bring down east store them up in his store and sells little by little . You dont expect him to be going to North everyday rather they do it once in month, that will serve their customers until they restock again.
If you attack their stores and they don't store again, it might further drive prices up in due time

mrrandomguy:
I won't be surprised if all this challenges Nigeria is facing is sponsored by these bankers. Peter Obi himself is a banker.

which bank is Peter Obi working?

004gist:

We think one sided.
Investors have inventories. Market men and women have stores where they buy in bulk and sells.

Some buy bags of rice, beans, garri etc store it in the shop and sells little by little. And it takes weeks to finish selling those items.

I have someone who from the east, goes to villages in Banue, and interior villages in the north, takes trucks buys foods and bring down east store them up in his store and sells little by little . You dont expect him to be going to North everyday rather they do it once in month, that will serve their customers until they restock again

many Nigerians reason like Tinubu that is they dont see anything wrong in his actions

tony0806:


The ONLY reason Buhari closed the border was to encourage local producers. But unfortunately, local production can't meet consumption. And the little products available has much demand on them. Simple economic theory shows that price will definitely go up. The best and easiest solution is to open the borders.

The increase in price doubled after Niger republic border was closed.

So you never knew that the reason why Buhari closed the border and stopped CBN from selling USD to rice importers were:

1. To stop putting pressure on Naira
2. To encourage local rice producer to compete favorably well, so that we can buy rice locally without putting pressure on naira to import rice.

When too much naira chase the dollars, the dollars go up - law of demand and supply.

lexy2014:


which bank is Peter Obi working?

You de mind those people weh de look for who to hang their poor leadership failure on.

Vote wisely you said no, it's by tribe

Raf4:


Are investors coming to Nigeria to hoard goods?
Is hoarding acceptable in their home countries?

pls what is the essence of a warehouse for trader?

can you pls tell us why dangote has not been punished for the high price of cement or banks punished even after CBN accused them of hoarding dollars?

tony0806:


The ONLY reason Buhari closed the border was to encourage local producers. But unfortunately, local production can't meet consumption. And the little products available has much demand on them. Simple economic theory shows that price will definitely go up. The best and easiest solution is to open the borders.

The increase in price doubled after Niger republic border was closed.

Your solution was the worst solution.

If importer wants to bring a product down, he will change money at the prevailing forex rate and the goods will still become unaffordable when they hit the market.

Simple economics

Confused presidency. This govt needs to resign or impeached, before it completely fries most of the people in Nigeria in its already hot frying pan.

Confused government. You want forces of demand and supply to determine value of naira but You don't want the same forces to determine price of cement, rice,flour etc

Just like water would always find it's way ...so also would people and goods would go to where they are value most ...what we need now is to ramp up production ...our weak currency means we should be empowered more to be productive...Basic economics , if demand exceed supply price goes up ..but this is not about demand and supply but purchasing power...The more our Naira keeps losing weight, the more it get box in the corner by the neighboring currency ....but it is not a bad thing if we have excess goods to sell, gradually we gain our weight back or just pretend till our neighbouring currency outspent itself.

matify83:
It won't scare away genuine investors but those out to fleece Nigerians by hiking prices of everyday goods despite price tags clearly showing a lesser price.

How do you know genuine investors? They don't have warehouses filled with goods?

lexy2014:


pls what is the essence of a warehouse for trader?

can you pls tell us why dangote has not been punished for the high price of cement or banks punished even after CBN accused them of hoarding dollars?

Dont mind them.
Dangote has warehouses scattered all over the country where he distribute. Attacking this warehouses is like disrupting supply chain.

I have an Uncle who import clothes for female, he goes to China and import. He import twice per year. You don't expect him to go to China each months to buy as it's not possible.

Attacking this warehouses will disrupt supply chain

004gist:

We think one sided.
Investors have inventories. Market men and women have stores where they buy in bulk and sells.

Some buy bags of rice, beans, garri etc store it in the shop and sells little by little. And it takes weeks to finish selling those items.

I have someone who from the east, goes to villages in Banue, and interior villages in the north, takes trucks buys foods and bring down east store them up in his store and sells little by little . You dont expect him to be going to North everyday rather they do it once in month, that will serve their customers until they restock again.
If you attack their stores and they don't store again, it might further drive prices up in due time

Bro, this food scarcity is due to hoarding by politicians. They initially were buying every single grain found in Nigeria through agent and export it directly to Niger, Cameroon etc too recover their money with the intention of blackmailing the government. Customs cracked down on them and they started storing it up. Government is trying to hit at something, let stop bringing ideal case scenario. The targets are not 1 or 2 trucks stores but huge storage. Everybody should open up and start selling. Nobody is losing.

nlfpmod:


Atedo Peterside

Previous thread https://www.nairaland.com/8002490/fg-seals-off-sahad-store#128482783

The question should be, why are they hoarding commodities?

Chicago economist in the mud

He has run out of ideas, 8 months into his government