How to reduce the price of goods - page 3.

summonerrk

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Quote from: Gun Boat on September 19, 2023, 02:54:14 PM

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 has more negative sides than positive ones, however, it also has positive ones. Let's start with the first ones. Monopoly means that the manufacturer or management has no competition, it means that the quality of services or products will probably not develop, because no one will be able to overtake you by providing a better service. The positive side is that if the monopoly is reasonable, then it allows you to create an order and a quality bar, but this is a rare phenomenon.

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Quote from: Gun Boat on September 19, 2023, 02:54:14 PM

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.

Every government has its own rules and regulations, in some countries, there will be no ban on these businessmen while in some countries they have some policies due to that they don't want to make happen in their country. Another one is inflation, I have seen some countries where their inflation rate is too high nowadays and they are taking loans from other countries but in the past, they had loans from other countries. It also affects the country badly and its economics as well. Every Government should be aware of their people. Closing eyes will never make countries able to achieve big things.

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Quote from: Gun Boat on September 19, 2023, 02:54:14 PM

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.

Your taking about distribution and producing as a whole but these are 2 distinct channels that exists within a system.

Looking at the channel of distinction, you get to look at first the Producer(s) > Distributor(s) > Retailer(s) and > Consumers. These channels exists within the phases of production until the goods gets to its targeted customer or consumer.
These doesn’t erase the fact that, there could be monopoly within the system but, I don’t know of any law in Nigeria that hinders any business entity, capable of production from producing.
In fact, the opposite is observed as government try to put facilities in place to encourage business entities and individuals, capable of any form of production that would enrich the goods/services within the nation and in turn, help boost the depleting economy of Nigeria.

Y3shot

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To me I think that a government that is really working and have the feeling of citizens in the heart will try the possible best to do something about reduction of price in the market. When prices of things keeps going up it shows how incompetent the government is , for every inflation the government is to be blame expecially when their is nothing that can be done about it.

In this case the only thing people needs to do is to double their income to be able to afford the high cost of things in the market or to go into agriculture products which will help in providing some good products.

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Quote from: Peanutswar on October 16, 2023, 08:25:47 AM

Quote from: Gun Boat on September 19, 2023, 02:54:14 PM

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.

As per your statement, they can easily manage to manipulate the number of foods they can hoard as much as they want, we know how does the government have power for the economy reason why some of community or even country fails to manage properly and the people will suffer with this greediness. You cannot reduce this if the government doesn't take any action else you will do something like make your own plantation of the resources you need its more cheaper than buying those into malls and market.

Often we get to see a viral video in which a farmer and a corporate sits next to each other and sell vegetables. The corporate quotes a higher price whereas the farmer sells at a lower price. At some point the corporate guy buys everything from the farmer at the quoted price and he further double the price and sell the vegetables. This is what happening in reality, the producer doesn't get anything, the profit is eaten by the corporate. We need to be self reliant to cultivate what is necessary, only then it is possible to fulfill our food needs in the future. Because, the involvement of corporate into food industry isn't big, soon this will go high and everyone needs to be under their control.

Joshapat

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Inflation is the biggest factor influencing price increases, and as we know the government always has difficulty avoiding inflation, and the direct impact on society is a decrease in purchasing power which of course will have an impact on many things, such as the production process piling up and not being sold. And I think the best thing to do is increase income.

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Quote from: Gun Boat on September 19, 2023, 02:54:14 PM

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.

As per your statement, they can easily manage to manipulate the number of foods they can hoard as much as they want, we know how does the government have power for the economy reason why some of community or even country fails to manage properly and the people will suffer with this greediness. You cannot reduce this if the government doesn't take any action else you will do something like make your own plantation of the resources you need its more cheaper than buying those into malls and market.

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Quote from: Gun Boat on September 19, 2023, 02:54:14 PM

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.

Since the demands for goods is high,the price of that goods tends to increase vigorously and this happens when inflation occurs.
There can be a Competitive markets as well probably if the government play a vital role in the market sector rather than leaving it for a sole distributor.
And I'm sure there's a way to reduce this price,cause one's a particular goods is being increased the tendency of taking it back to the normal price is a hard job and I believe the market is experiencing a competitive aspect but one thing that has handed it down is the existence of inflation which we ought to know how to tackle before that.

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Quote from: Iroh on October 13, 2023, 05:10:35 AM

Quote from: uneng on October 01, 2023, 08:50:27 PM

Unfortunatelly when the good in question is food, it's hard to apply law of supply and demand rationally. Everyone needs food to survive in a matter of every few hours, at least. Therefore, there is a constant unstoppable demand for it. Moreover, it's not that simple to produce your own food if you don't have the necessary tools and enough space, besides having a central authority controlling the flux of food coming in and out, so the supply is really limited. This is the recipe for disaster, and unless citizens find a creative way to bypass the government's overcontrol, there is nothing to do besides paying a high price to survive or starving till death.

I think the prices of goods and commodities, even food items being influenced by the forces of demand and supply is rational. If a demand for a product is constantly increasing over time and the supply not being able to match it, there would be an increase in price. It’s only logical.
You also actually don’t need a space the size of two football fields nor the latest farming equipment to plant foods for personal consumption.

This doesn’t diminish the importance of food but It may surprise you that a well hydrated human body can survive for about two to three weeks without having anything to eat.

In addition to this, Inflation makes it worsen since fiat value decreasing overtime due to it’s unlimited supply so the increase on the goods price double or more in addition to the scarcity due to the law of supply and demand.

this is why even there’s a balance supply and demand in the market, The price keep increasing every year due to this fiat shit that cause inflation to everything since we are exchanging all our goods to a piece of paper that doesn’t have real value backing it but only trust.

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Quote from: Out of mind on October 15, 2023, 12:10:07 AM

It would be good if the government takes steps to distribute food. If the government pays well to the farmers in the agriculture sector, then surely the food producers will be able to produce food. Moreover, if the government supports them financially, there will be improvement in agriculture and food shortage will be eliminated. Moreover, the government should take more steps to provide farmers with seeds, fertilizers, and irrigation to grow crops, only then it is possible to eliminate food shortage. If a government takes all these steps for its country in the field of agriculture, then surely the country will not lack food and can prosper.

It's not about the difficulty of food production; it's a matter of market monopoly. Increasing production won't address the pricing issue because the core problem lies in a market controlled by a single entity. What usually occurs are threats and strong trade politics when a monopoly is in play. Anyone attempting to challenge this monopoly's existence will be swiftly dealt with by the market dominator, by any means necessary.

The government should intervene in the market by providing subsidized food to prevent market abuse. They can also become the primary supplier of food to the public at fair prices. When trade competition thrives, a nation's economy flourishes. Thus, to confront a monopoly, the essential step is to nurture new competitors, starting with strong legal backing from the government.

Justbillywitt

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You are right, the Nigerian government are the major problem of the country. They are encouraging the monopoly because they are major share holders in those companies. The public funds they are looting are being invested there, so giving others license will spoil their show for them.

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Quote from: Gun Boat on September 19, 2023, 02:54:14 PM

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 would be good if the government takes steps to distribute food. If the government pays well to the farmers in the agriculture sector, then surely the food producers will be able to produce food. Moreover, if the government supports them financially, there will be improvement in agriculture and food shortage will be eliminated. Moreover, the government should take more steps to provide farmers with seeds, fertilizers, and irrigation to grow crops, only then it is possible to eliminate food shortage. If a government takes all these steps for its country in the field of agriculture, then surely the country will not lack food and can prosper.

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Quote from: Fortify on October 12, 2023, 03:36:39 PM

Quote from: Gun Boat on September 19, 2023, 02:54:14 PM

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.

You as an individual pondering this question have zero impact on the massive supply chains that exist to move products around the world, you are at the mercy of the trade winds which are set by far more powerful people. There are too many factors to contemplate and the interactions between all the different commodities is almost unfathomable to grasp. You just have to look out for ways that you as an individual can make best use of the resources you have to make the situation better for you. Unless you're a high level politician in your country, and even if you are, you're unlikely to make the slightest dent on the prices of goods around you. Simply adapt to the current situation as best you can.

The current situation of high price of food is not cause by only one factors, and I think this situation keeps getting worse, the only thing people needs to do is to cut of their standard of living to meet up this hard time we are facing right now, and if their is a way where some crops can be planted around out houses it will also help to reduce the money been spent on food. The way the price of food is going their is nothing common citizens can really do to reduce the price, people just need to think about the best way they can manage their money to survive to afford the high price of food in the market in this tough economy.

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Quote from: uneng on October 01, 2023, 08:50:27 PM

Unfortunatelly when the good in question is food, it's hard to apply law of supply and demand rationally. Everyone needs food to survive in a matter of every few hours, at least. Therefore, there is a constant unstoppable demand for it. Moreover, it's not that simple to produce your own food if you don't have the necessary tools and enough space, besides having a central authority controlling the flux of food coming in and out, so the supply is really limited. This is the recipe for disaster, and unless citizens find a creative way to bypass the government's overcontrol, there is nothing to do besides paying a high price to survive or starving till death.

I think the prices of goods and commodities, even food items being influenced by the forces of demand and supply is rational. If a demand for a product is constantly increasing over time and the supply not being able to match it, there would be an increase in price. It’s only logical.
You also actually don’t need a space the size of two football fields nor the latest farming equipment to plant foods for personal consumption.

This doesn’t diminish the importance of food but It may surprise you that a well hydrated human body can survive for about two to three weeks without having anything to eat.

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Quote from: terrific on October 02, 2023, 02:17:42 AM

Quote from: Natsuu on September 30, 2023, 08:22:48 AM

It seems it lies down to the human nature. The corrupts remain corrupts unless the righteous member of the society stand for their rights and demand to change. It happened before in my country long ago and it's in the history, The People Power. I wonder if it will happen again. Until what degree do people will tolerate the wrongdoing for the leaders they voted for the first place. Philippines is such a great country. Abundant of nature, resources yet poor leaders.

There are many corrupt leaders in the world that are exploiting the natural resources of their country.
It's just sad that because of them, instead of having a great progress to make their countries being a developing country going to being a first world.
There's a delay why it happens, reducing the price of goods is like a dream come true that's not going to happen with these type of leaders.

As corruption continues, expect that everything in the market are expensive. This is not just happening to your country OP but the rest of the countries are experiencing the same scenario. While we are struggling with our finances just to get everything our basic needs, those corrupt leaders are enjoying their profits, one reason why the country no matter how the citizens do their responsibilities, still the country is not in progress because every anomaly starts within the government itself.

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Quote from: Nwada001 on September 19, 2023, 05:56:36 PM

Let's also look at the northern part of Nigeria. Other parts of the country are experiencing a high cost of goods, but this is not the case as there are a lot of farmers available in that area and a lot of consumable farm produce comes from there, which makes life easier for those who are based in the northern part of the country. If any country can be more productive in the aspect of their consumable goods and deal less on importation, they are likely to experience price reductions on goods even if the distribution is done by one licensed body.

Actually, you made a point, but if you view the situation in Niger now, you will see that even in the northern part of Nigeria, some people are still complaining of hunger, which is a result of the cost of consumable food because most farmers leave in rural areas, so the transportation from their various farms to the city makes the food more expensive due to the amount of fuel.And I can testify that food products are usually transported to the eastern part of Nigeria because I have a friend who engaged in the business, but when this high cost of fuel started, he stopped because he was complaining bitterly that he was just losing and not gaining anything. What I can say is that let's put more effort into producing farm produce and other consumable products to eradicate hunger in Nigeria.

Even though this topic is not on the Naija local board, we should try to understand the problems of our country and find solutions to them.

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Quote from: superman184 on October 12, 2023, 03:38:34 PM

Quote from: Baki202 on October 12, 2023, 03:23:35 PM

The number of producers are limited and the demand is high and the supply is limited and that is why it is expensive because one part of the market is suffering, if there is a balance between demand and supply then the price will be moderate and much more affordable for people. If anything should affect the price of fuel then every other thing will be affected because of transportation and fuel price is even increasing everywhere so there is still a problem that needs attention. If not attended to then we are not ready to address this issue.

The problem of increasing transportation costs is very often the cause and this is very clearly influenced by the increase in fuel prices so that it also has an impact on increasing prices for all other goods that are often consumed by all people. This really needs to be given better attention by the government because I am sure that not all people are ready to face this unbalanced economic situation in the long term. Moreover, the core of the problem has also been well detected, namely the increase in fuel prices in each country.

government actually already knows this, this is why many government around the world always subsidizes the use of diesel fuel because most of transportation that these goods uses are using diesel engine, but sometime it still increase in term of price because you know there might be some special cases like when the corona virus spreads, despite the fact that the oil price isn't increasing, many people are hoarding foods, in which in turn increase the price quite high, but funnily enough once there are no hoarder, the price isn't decreasing, thats just taking advantage of the situation.
honestly such thing needs government intervention to not making the price of food and goods increase.

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Quote from: Baki202 on October 12, 2023, 03:23:35 PM

The number of producers are limited and the demand is high and the supply is limited and that is why it is expensive because one part of the market is suffering, if there is a balance between demand and supply then the price will be moderate and much more affordable for people. If anything should affect the price of fuel then every other thing will be affected because of transportation and fuel price is even increasing everywhere so there is still a problem that needs attention. If not attended to then we are not ready to address this issue.

The problem of increasing transportation costs is very often the cause and this is very clearly influenced by the increase in fuel prices so that it also has an impact on increasing prices for all other goods that are often consumed by all people. This really needs to be given better attention by the government because I am sure that not all people are ready to face this unbalanced economic situation in the long term. Moreover, the core of the problem has also been well detected, namely the increase in fuel prices in each country.

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Quote from: Gun Boat on September 19, 2023, 02:54:14 PM

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.

You as an individual pondering this question have zero impact on the massive supply chains that exist to move products around the world, you are at the mercy of the trade winds which are set by far more powerful people. There are too many factors to contemplate and the interactions between all the different commodities is almost unfathomable to grasp. You just have to look out for ways that you as an individual can make best use of the resources you have to make the situation better for you. Unless you're a high level politician in your country, and even if you are, you're unlikely to make the slightest dent on the prices of goods around you. Simply adapt to the current situation as best you can.

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Quote from: Baki202 on October 12, 2023, 03:23:35 PM

Quote from: Casdinyard on October 01, 2023, 05:55:57 PM

Law of supply and demand is the first thing that would come to mind when talking about the price of stuff. If you want to cheapen things out, especially commodities like food items and perishables, you gotta make them or produce them more than what you would normally. This would create a surplus supply, and in order to make sure it sells out you'd drop the price of the goods which will be great for the people. Another would be the price of oil. Should we find a way to effectively rollback the price of oil and fuel, logistics wouldn't be so expensive anymore which is also one of the primary factors why produce is so expensive, with a cheaper transportation fee, vendors can sell these goods at a cheaper rate.

The number of producers are limited and the demand is high and the supply is limited and that is why it is expensive because one part of the market is suffering, if there is a balance between demand and supply then the price will be moderate and much more affordable for people. If anything should affect the price of fuel then every other thing will be affected because of transportation and fuel price is even increasing everywhere so there is still a problem that needs attention. If not attended to then we are not ready to address this issue.

It always falls down about that basic or common law of supply and demand on which if the demand is high but the supply is less then expect that good would really be that expensive but if the demand is low but the supply is high then expect that it would be cheap but we know that there are instances or scenarios on which prices are really that high even the supply is just right just because there are those brokers or distributors or simply with those businessman who do really tend to choke up the supply just to make it look that there's a lack of supply on which they are hoarding it off and on the time that the price is increasing then
this is the time that they would be unloading those things and making that huge profit out of those method. This is why we do have government sectors on which it would really be that monitoring market
price because of these possible kind of doing or activity which it would really be making things even more worst and they are really just that minding with their own benefit instead on trying out to help the economy.

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