Topic: How to reduce the price of goods - page 10. (Read 1512 times)
Price increases often have no serious economic justification. It is simply that suppliers and sellers often seek to maximize their profits on any currency appreciation. How to fight all this? In my opinion, very simply. Either by issuing large fines if the price rise has no reasonable justification, or simply by going to jail.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
It's not exactly difficult to figure these things out, but some people try to think up elaborate reasons when the answer is staring everyone in the face. Russia's invasion and ongoing war on Ukraine have had massive impacts on global supply chains, started just after things were getting back to normal after the Covid lockdowns were ending - Putin caused great chaos again for zero benefit. Russia is forever getting weaker in it's current state. Besides that, these two countries were large exporters of food, much of it travelling through the black sea which is now too dangerous to traverse for cargo ships. So not only are crops not being tended due to the state of war, the fields have been ravaged and the farmers are now defending their land from invaders. It's all Russia's fault and will only start to get better when they leave the whole of Ukraine, along with the end of their dictator.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
The answer seems to be very simple, though not very satisfying:
In 2020, agriculture accounted for 35% of the employed population.
But rapid urban population growth and the cultivation of industrial crops have led to food shortages, not only in cities but also in rural areas...
I.e. no "enemies", purely internal, unwise management. It is probably profitable to grow technical varieties. I had such a problem in my country, but agrarians quickly realized that technical varieties, although they give profit, but..:
- the market is competitive and you can be out of business, except for unique varieties with good market positions.
- technical varieties wear out the land very badly, and it becomes low fertility for many years.... And this cannot be fixed quickly - the land needs a long period to recover.
- the consumer market - has a more stable demand, it is more flexible and liquid.
Therefore, the answer is very simple: "bias" of agrarians on "wrong varieties of products".... There are 2 ways out:
1. Either they will come to their senses and return to classic varieties.
2. The state will introduce regulation.
Otherwise products will be constantly expensive....
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
I am not going to lie and act like I understand that politics of Nigeria, but I do know it's a very corrupt nation which is sad because it's also an emerging economy with a ton of people but it seems corruption holds back it's potential progress a good bit. But here's the thing that is similar in the US. Food companies in private get together and set market prices...ie manipulation. Now we do have monopoly laws here in the US, but they only help so much. Food prices just like healthcare prices here in the US are just pure BS.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
I don't know what is happening in Nigeria, are the prices of basic necessities rising? As far as I know, the government must immediately take action if basic food prices are too high, the government can provide subsidies and/or export from abroad so that market needs are met. Apart from that, if the price of basic commodities is too high it will have an impact on the stability of the country's economy. This does not apply if secondary needs increase, because they are not the basic needs of a country's population
Unfortunately, this has been happening in our country as well. The prices of our basic necessities are continuously rising and we have no choice but to deal with it. It's just a good thing that the local farmers and producers in our country are also taking over. Others are also planting their own food to survive. Things like this aren't controllable to be honest and we have to be tough enough to deal with it. We should look for other alternatives to survive because we can't always rely on the government.
However, that is part of the government's job, they must be able to regulate the prices of basic food ingredients so that their prices are stable and can be purchased by the public. If the state is no longer able to control the vital sector of food needs, then it is time for demonstrations to take to the streets.
There are three things that the government must fulfill for its people, firstly service and data collection needs, secondly security needs, and thirdly food needs. If they are unable to fulfill it, then what else can they expect from the government, they have failed
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
I don't know what is happening in Nigeria, are the prices of basic necessities rising? As far as I know, the government must immediately take action if basic food prices are too high, the government can provide subsidies and/or export from abroad so that market needs are met. Apart from that, if the price of basic commodities is too high it will have an impact on the stability of the country's economy. This does not apply if secondary needs increase, because they are not the basic needs of a country's population
Unfortunately, this has been happening in our country as well. The prices of our basic necessities are continuously rising and we have no choice but to deal with it. It's just a good thing that the local farmers and producers in our country are also taking over. Others are also planting their own food to survive. Things like this aren't controllable to be honest and we have to be tough enough to deal with it. We should look for other alternatives to survive because we can't always rely on the government.
A person cannot change the price of goods in a country because that price is fixed by the government. If the government cannot import goods at low prices, then it is a complete failure of the government.
Nigeria is already a very weak country in terms of economy and the Nigerian people are living in a lot of hardship due to the high speed of commodity prices. Nigeria has many mineral resources but Nigerians cannot extract those mineral resources and different companies from other countries extract mineral resources in their country but what kind of facilities those companies do not give to the people of the country. Companies from other countries and their governments may never care about the people of their countries. If they had thought about the people, the price of food would never have skyrocketed in their country.
Nigeria is already a very weak country in terms of economy and the Nigerian people are living in a lot of hardship due to the high speed of commodity prices. Nigeria has many mineral resources but Nigerians cannot extract those mineral resources and different companies from other countries extract mineral resources in their country but what kind of facilities those companies do not give to the people of the country. Companies from other countries and their governments may never care about the people of their countries. If they had thought about the people, the price of food would never have skyrocketed in their country.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
When a monopoly is supported by the government, it is very difficult to get out of the grip that drains the entire community's economy to meet their daily needs. Increasing food prices indicate that food security and management in your country is very fragile. The government must act to improve the welfare of society by positioning itself as the main competitor for sole distributors.The government must try to overcome price spikes by holding cheap markets in several places periodically. The government also needs to eliminate or take firm action against individuals who act as leeches who suck people's blood. When healthy competition occurs in food distribution, prices will be more affordable.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
I don't know what is happening in Nigeria, are the prices of basic necessities rising? As far as I know, the government must immediately take action if basic food prices are too high, the government can provide subsidies and/or export from abroad so that market needs are met. Apart from that, if the price of basic commodities is too high it will have an impact on the stability of the country's economy. This does not apply if secondary needs increase, because they are not the basic needs of a country's population
Monopoly is everywhere done by the oligarchs. It's hard to lose them as it's everywhere and the government will always have to go along with these big people because they bring money to their country.
But to address the issue of the rise of price of every good, the government needs to do something like giving subsidies to the manufacturers or those merchants so that there will be a discount.
In that solution, it will allow the market to move until everything has been set to the low price because it's just good for short term sustainability.
But to address the issue of the rise of price of every good, the government needs to do something like giving subsidies to the manufacturers or those merchants so that there will be a discount.
In that solution, it will allow the market to move until everything has been set to the low price because it's just good for short term sustainability.
The reason why they probably allow or enable monopoly is because someone who is influential and powerful in the government is allowing that to happen, that's the only explanation why there's a monopoly on that country or any country for that matter. But I do agree with you, we need to find ways to destroy monopolistic capitalism because if that's the norm, we will see our lives governed by few and our freedom restricted.
Apart from the need for ways to eradicate monopoly capitalism in that country, I think the people there also need to unite to raise their own voice with the same goal. Because when the people have united to eradicate this, I am sure that it will disappear, although not instantly, because the form of protest from the people that must be accepted by the government will also be considered well enough rather than triggering unwanted commotion. 
You are right on this particular point and what is happening in Nigeria with the skyrocketing food prices, going like a bat out of hell, but this alone is not the only factor that has caused the price of goods to soar, However, If local production is encouraged by the government and more things are manufactured or produced locally without over-dependency on foreign imported goods that alone will settle the case of business monopoly in our system today and we will no longer rely on one entity, hence bring in the competition which will truly favor the price of goods.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
Before reducing the price of goods, we need to know why their prices increase. And in this case it must be said that there are many reasons behind them, and no one can reduce the price of all these alone. If we talk about the current situation of my country, primarily because of the covid-19 effect and the Ukraine-Russia war, the prices of many things have increased. I think it has happened in most countries of the world.When the demand increases and the product is less produced, then the price of goods increases, but in some cases, like in many countries, in my own country, some unscrupulous traders artificially store products and create a shortage in the market, and then the price of goods are also increasing. And to stop these, I think the efforts of the government are necessary. If the people who create these artificial shortages are brought under the law, I think the price of goods will decrease in the market.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
Maybe you should try to maintain a little level of pedigree for your country's integrity because this you're talking about is not a fault with your country alone, this is something common to many nations and they are not waiting on the government to take action before each individual make moves on how to evade this experience of deficit, inflation is one of the major causes why we may not have reduced or subsidized food items, you cannot expect deflated to take place like how inflation always occur, we should on our own side think of something new we can offer for the people to cherish and value it use on the economy in other to make us self sustainable.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
This is supposed to be a Nigeria local board thread but since you dropped it in economics, nothing bad.
Inflation is the primary reason why the price of goods increase, when the government fails to combat the things that swell inflation number, it will definitely make even the basic things become unaffordable, and the poor man continue to suffer the consequences. Another thing that makes the price of goods too costly is that Nigeria has dollarized her economy, when you ask an average seller why they increased the price of what they sell, they will tell you that the dollar to Naira has increased, meaning the Naira is becoming walking day by day in a country that is independent.
Another reason why the price of goods has increased is that Nigerians want luxury goods they cannot produce and then spend millions of dollars to have those goods and products imported back to Nigeria and it is killing the economy because that isn't strengthening the Naira but it keeps falling down every day. I checked Naira to a dollar today at the parallel market and it is now almost #1000 to a dollar, something that was around #380 3 years ago; This is why the price of goods has not been stable in Nigeria.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
Monopoly is part of the problem in Nigeria. I am aware that many companies were forced out of the market through strict regulation, taxation, and intimidation because they government wanted them to enjoy a monopoly. Many companies went bankrupt and some had to leave the country because the government was giving Dangote tax exemptions and other privileges to enable the company to enjoy monopoly. But there are other reasons for the high cost of goods in Nigeria. The lack of a storage system is one of the reasons for the high cost of goods in Nigeria. A greater part of Nigeria's agricultural products end up in the waste bin. Food will be cheap in its season and become expensive after a few months because they were not preserved for future use.
Insecurity caused by terrorist groups in the agricultural-rich northern region is affecting food production. Farmers have been forced to flee their farms for fear of attack by these terrorists. Many agricultural lands have been destroyed due to this conflict.
Global warming is causing flooding in most of the country which has led to low agricultural production. Many farmlands have been submerged by flood leading to poor produce.
Although supply and demand are the two factors that ultimately influence the standing of the price of goods in each area/country, there is another big factor that we should always be on the lookout and that is individuals who have the money and influence to manipulate the market. Market manipulation happens all the time and everywhere (in fact there is a more thorough discussion about this in a different post if you want more insights about it:https://bitcointalk.org/index.php?topic=5465009.0). Additionally, market manipulation can be done by different individuals or organizations such as big companies, wealthy and influential business individuals, and the government. Naturally, the main reason why they do so is due to the benefits market manipulation gives to them such as a rise in profit and sales. As to how we will be able to reduce the price of goods, the answer might lie on the government as they have a good hold on market manipulation.
Of course, supply and demand are the two main factors that affect commodity prices everywhere. Whenever the price of a commodity is increased, its supply decreases, which causes its demand to increase and the price to rise. Often in such a situation the influence and power of the mafias play a major role, no doubt such manipulations are everywhere, but where the laws are strong and the government has a grip, such people cannot easily create such a situation.In a society or a place where law and justice are weak, such cases are common.
I don't know what the legal situation is in Nigeria, but there is no such thing as law and justice in our country Pakistan. Courts are only working to protect powerful people and capitalists. Due to which the prices of food items are often increased by creating food shortages, but no one takes steps to stop them. You are right that where the grip of the government is weak, the powerful mafias also have a strong grip,and always increase the prices of things at will.
Often such influential and powerful people have a lot of power at the government level and many of them occupy high government positions, which makes it difficult to take action against them.
I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.
When you talk of government involvement and how its handling the economy, you make this sound like the country is run as a socialist economy of which my research disagrees...And from my research I also found that Nigeria is built
around a mixed economy which I found strange as this means there is so much government interference should we lean towards a free market economy in trying to stimulate supply to counter the high prices of commodities.
Btw, Nigeria has been named to be among the fastest growing economy's today which means demand is very high and some business houses could be artificially limiting their supply in an effort to push price up, and if no one is putting an end to this bad practice then it's difficult to keep prices low...and monopoly being a problem boarders around the lack of capacity to compete with these big names hence entry barriers exist and this will remain as is because the small businesses/startups lack the capital to challenge the whales.
Defining a high price may help you know whether the price is normal in your country or not. Food prices have risen globally in the past three years, either due to military-political conflicts, supply chain problems, or stagflation, which encourages people to consume more due to fear of an increase in the commodity. In the future or not available.
Search for the international price of the product, check the transfer price and withdraw taxes and profits. If the prices are reasonable, your problem cannot be solved except by improving your income. Otherwise, there is actually a problem with price manipulation in your country.
This manipulation can be minimized according to your country, as it is possible to buy in large quantities from ports and then ship to you, or the residents of a neighborhood or region agree to create a place for discounted sales based on tax exemptions or a reduction in transportation fees or profits.
Search for the international price of the product, check the transfer price and withdraw taxes and profits. If the prices are reasonable, your problem cannot be solved except by improving your income. Otherwise, there is actually a problem with price manipulation in your country.
This manipulation can be minimized according to your country, as it is possible to buy in large quantities from ports and then ship to you, or the residents of a neighborhood or region agree to create a place for discounted sales based on tax exemptions or a reduction in transportation fees or profits.
Monopoly Is like a ticking time bomb, Just waiting to explode and make things even more difficult for the Nigerian. And who's the detonator? Sadly, it seems to be the government. If they are indeed the enablers, as you've pointed out, then it's a clear call to action. How can a vibrant economy, with such diverse potential, be stifled by allowing just one major player to dominate? This isn't just about business; it's about livelihoods, access, affordability. Competition isn't just a fancy economic term; it's a lifeline. It drives prices down, boosts quality, and encourages innovation. The government's role? Facilitate! Encourage! Stimulate competition, and then, just maybe, we might see a shift towards affordability
Jump to: