Whether you shop at a luxury retail store or at a market, you must have noticed that the prices of goods and services have significantly increased. What you bought N1,000 yesterday will probably cost N5,000 today.
While customers grumble about the increase, traders give some ridiculous and unbelievable excuses that can make you question if we are in the same country. Although some of the reasons are legit, you cannot but laugh at them.
As we identify some of them, the onus is on you to either part with your hard earned money or walk away.
Dollar has increased
This is the most referenced excuse for increasing prices of goods by traders. Even those whose goods are not affected by the exchange rate give this reason. To be fair to them, the naira to dollar exchange rate is on the high side both at the formal and parallel market. Nevertheless, this excuse has been over flogged because it is the same justification for increasing price whenever you visit the market. Perhaps, as far as the exchange rate remains unstable, traders will continue to give this slightly ridiculous excuse. Even locust beans seller says “dollar has gone up.”
Government has banned the goods
The soft spot Nigerians have for imported goods is unprecedented. The perception we have is that anything Nigerian is fake or counterfeit, while the foreign ones are authentic. This is what prompted the government to prohibit the importation of 25 items including furniture, live or dead birds including frozen poultry, pork, beef and bird eggs. Despite this ban, you still find these goods everywhere. So, this automatically shoots up the price because it is more difficult to bring in banned goods. Of course, customers have to bear the burden.
Except you are an alien, you would know that Nigeria is in recession. There is paucity of funds, companies are downsizing and the price of oil has crashed, among other impacts of the recession. The traders are also in Nigeria and if their customers complain, they respond, “Nigeria is in recession.”
It is Buhari’s fault
Some traders squarely blame PMB for the reason they increased prices of goods. The only reason for this is that Buhari is not releasing money into the Nigerian economy.
Written by Damilola Faustino
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