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Topic: Regulation of price by the government (Read 245 times)

hero member
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April 26, 2024, 04:41:31 PM
#22
One of the major problems we are facing in our country Naija is the regulation of price should be handled by the police or tax forces to monitor every citizen selling goods, must of the company really take advantage of the current situation of the price because of the dollar rate, even when the dollar is not high some people are selling a particular commodity or goods in different rate, this is because no one is monitoring them, and it really affecting the poor because of the price rate, don’t you think this is really happening? Everyone should know what I’m talking about. If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.
The thing be say be no be say dem no get people or agency wey supposed dey help regulate this price of goods but the matter be na how their activeness dey because I remember say there was a time the price of petrol was out of hand in my area and this particular group although I don't know their names started locking up filling stations that was selling above the normal price and the following week that pressure became effective as the whole price took to corrections. If this kind actions is done in every sector and area then price if things atleast go get head small.
full member
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April 26, 2024, 03:58:45 PM
#21
Omo this issue is a big challenge in Nigeria,Nigeria need to try create a bench mark,which help to regulate prices of things been sold.but looking at the system those companies and industries own are still by the Nigerian politicians who benefit from it increase in price of goods in the market.
The market is likely manipulated by those in power for their own selfish interests. The regulation of price movement should be based on the bodies responsible for the food, don't ever underestimate the top tasks placed on these bodies although most of them have failed to deliver their jobs. Nigeria have failed to improve and have become dormant over the years, really devastating to watch the youths suffered and having zero positivity and balance in the country's economy.
sr. member
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April 26, 2024, 04:24:28 AM
#20
One of the major problems we are facing in our country Naija is the regulation of price should be handled by the police or tax forces to monitor every citizen selling goods, must of the company really take advantage of the current situation of the price because of the dollar rate, even when the dollar is not high some people are selling a particular commodity or goods in different rate, this is because no one is monitoring them, and it really affecting the poor because of the price rate, don’t you think this is really happening? Everyone should know what I’m talking about. If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.

How I wish our leaders fit see this talk wey u talk so, e for really help, if our leaders take action too concerning this matter wey we dey face so for our we country, even if e no good finish but at least our leaders don try help us but this one, as dey don get money so, dem no dey reason the price of things whether e high or not, e no affect dem because money dey wey dem dey use to buy am even at high cost but if dey try consider our feelings, i for say mk them am as law, say see so so price wey everybody go dey sell, anybody wey sell high or less will be arrested or pay a big fine of money, that way go put fear for their body, like that things go come dey better, affordable and accessible for people.
hero member
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April 04, 2024, 05:54:31 PM
#19
Binance insulted Nigeria government yesterday in one of the online news we I read. Dem say Nigeria is confused of her economy. Why her economy is bad and making di citizens to suffer dem no even know. Oh Naija my country you are a fail country. And for di Op you don do very big mistake for telling di Nigeria police to regulate goods and services prices. Na die we go die there. There has been an government agency that wet e dey in charge of regulating goods and services in the and na Customer Protection Commission (CPC) and when Goodluck came he appointed a lady in that parastatal and she was working though not that much because the funds were not enough to move around. But when Buhari came he eliminated the department and merged it with ICPC which is dead department among all di agencies.

Customer Protection Commission should come back again and they should employ di vibrant youths and finances the department very well because they have to move around probably Market to market to see if things are moderated in the varies Markes. 
member
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April 04, 2024, 04:34:21 PM
#18
One of the major problems we are facing in our country Naija is the regulation of price should be handled by the police or tax forces to monitor every citizen selling goods, must of the company really take advantage of the current situation of the price because of the dollar rate, even when the dollar is not high some people are selling a particular commodity or goods in different rate, this is because no one is monitoring them, and it really affecting the poor because of the price rate, don’t you think this is really happening? Everyone should know what I’m talking about. If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.
Omo this issue is a big challenge in Nigeria,Nigeria need to try create a bench mark,which help to regulate prices of things been sold.but looking at the system those companies and industries own are still by the Nigerian politicians who benefit from it increase in price of goods in the market.
sr. member
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April 03, 2024, 06:00:32 PM
#17
One of the major problems we are facing in our country Naija is the regulation of price should be handled by the police or tax forces to monitor every citizen selling goods, must of the company really take advantage of the current situation of the price because of the dollar rate, even when the dollar is not high some people are selling a particular commodity or goods in different rate, this is because no one is monitoring them, and it really affecting the poor because of the price rate, don’t you think this is really happening? Everyone should know what I’m talking about. If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.

But e really important say we hold our government accountable for putting policies and regulations in place to protect consumers and promote economic stability.
Easy to say but had to do. How can you hold someone who is the head or root cause of your problem and change the narrative of how they have plan the economy for you and I. don't. You know that the poverty of the economy is aprogram system to enslave the citizens to continue what dey do and manipulate many people the way they like. To be frankly speaking this men will never change rather they wil keep on doing this repeatedly except the youth rise and stand as 1 otherwise they will bring a problem and allow us to swim on it for sometime and allow it to normalise. later they will make you believe they are fighting curuption. So holding them accountable to fixing Nigeria is a total waste of time. They will never want you to be above them or excape from poverty in other not for you to even find a solution your problem sothat you will still be loyal even when they are Killing you slowly.


sr. member
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March 28, 2024, 12:04:12 PM
#16
One of the major problems we are facing in our country Naija is the regulation of price should be handled by the police or tax forces to monitor every citizen selling goods, must of the company really take advantage of the current situation of the price because of the dollar rate, even when the dollar is not high some people are selling a particular commodity or goods in different rate, this is because no one is monitoring them, and it really affecting the poor because of the price rate, don’t you think this is really happening? Everyone should know what I’m talking about. If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.

Since when Dollar market in Nigeria became an open market where demand and supply becomes a property that determine the real price, I don't think the government really need to intervene into the price of things in the market, an equilibrium position will be reach where dollar would be stable and price of things would be uniform but I guess this wasn't working as the expected because the speculators were manipulating the dollar to Naira price and the government has to intervene.

Now that the central bank has intervene and has decided to crash the price, I'm not sure if the dollar/naira market is open since central bank is now selling dollar cheap to the Beureu De changes. If they are now fully back to subsidizing the price like Emefele was doing, then I think it's time they set up a regulation crew in other to have a uniform price and stop the manipulation of prices for their own benefits.
hero member
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March 28, 2024, 10:53:16 AM
#15
 This your idea make sense o but e get comma. I read say you mention say make price regulation be given to the police and I wan ask, which Police? The naija own or wetin? Wey corruption don change their uniform? See, e good say the government dey work to normalize the naira against the dollar but them dey do am as per their duty or nah say Dem get wetin to benefit inside? See, at the rate wey we dey experience hardship and corruption so, if such a a power is given to the Police force, this wan wey them dey stop moto dey collect moni go small, the bribery go still dey and we no go see changes. So, e beta make we dey collect the pain from we government alone.
full member
Activity: 350
Merit: 128
March 28, 2024, 10:34:53 AM
#14
The difference prices of the stuffs within the stores could be varying costs based on different vendors.
Talking about having a commission to monitor and bring anyone manipulating the stock service prices within their trading firms to be tracked and monitored? Hmm that'd be another set of commission to promote briberies because as much as I know, the anthem of every sectors of the governments in this Nigeria is that "We too must chop".
This system is currently on going to monitor as investigating of fuel stations that sells beyond PPMS government orders rate but I can tell you that I've seen fuel stations that breaks the laws and when these monitoring teams comes, they're only coming to take their own cupeod cake (bribery) and silents the wrongs being practiced by these fuel stations that are in alignment with them of paying some amounts of funds. So I don't think this will be different too. Besides there are different manufacturers of these goods at the stores which the government can't impose forces on the vendors on how much they should sell their goods.
Besides Op, ask yourself what has the government done yet to bring down the cost of goods in the country.
 
full member
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March 28, 2024, 09:51:50 AM
#13
Quote from: babagem
don’t you think this is really happening? Everyone should know what I’m talking about. If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.
Yes, is really happening all over the country and is making people not to live a good life because, the price of things in the country is very high and despite the price of fuel has decrease few weeks ago and naira has appreciation to dollar but price of things in the country still remain high in the market.

I believe our government will soon take a good step to invit some of the popular companies owners in the country to reduce the price of their goods and services or they will face the law of the land because, government have the right to summon any citizens in the country for questioning.
hero member
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March 28, 2024, 09:11:22 AM
#12

 If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.

Na true wey you talk and government really need to do something about am now as dem don dey try push the exchange rate down by fire by force  Grin but make we see whether dem go fit sustain am. Although the truth be say the exchange rate wey reduce no go make all the price of products just come down like that as if the country don better because e never better. And also, traders go say dem still dey sell old stock but trust naija people, everyone want to take opportunity when dem see am so the prices of products no go just jump down like that.

But if to say na fuel wey drop now, the price go dey reduce by now. If government dey sincere about to better the life of people make dem touch infrastructure and do electricity at least steady for a reasonable time then businesses go flourish. However, make them rejuvenate the price control monitor team or patrol. If business people hear even for radio say government want enter street begin catch people wey dey say at high price, dem go immediately begin change to moderate price but for now wey government never show concern, people go dey sell as dem want with the excuse of old stock.
sr. member
Activity: 266
Merit: 205
March 28, 2024, 07:36:52 AM
#11
One of the major problems we are facing in our country Naija is the regulation of price should be handled by the police or tax forces to monitor every citizen selling goods, must of the company really take advantage of the current situation of the price because of the dollar rate, even when the dollar is not high some people are selling a particular commodity or goods in different rate, this is because no one is monitoring them, and it really affecting the poor because of the price rate, don’t you think this is really happening? Everyone should know what I’m talking about. If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.

Na true say the dollar to naira don fall massively and price of things in the market remains the same, price of things still cost, I no really think say na only dollars dey affect price of things, especially consumable goods,  wetin I think say really dy affect price of goods especially food in our country naija na the removals of fuel subsidy for our crude product.

Just look am through this angle, the farmers wey dy plant this our food products, dy complain of how transportation dy cost, and definitely if dem transport the farm products to the market with this high cost of fuel or desiel, e go definitely reflect for the price of food, that one na certain, though our government no dy try for their own part, for removing subsidy without making provisions of our own refinery, so I go say na their incompetence be the real cause of the high cost of living in the country.
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March 28, 2024, 06:43:44 AM
#10
The regulation of price is very important for this to work let the government first bring out the price list of goods and give police, civil defense and other task force to monitor the market even if it's not in daily basis weekly is enough and let there be a good policy and laws that will sanction defaulter, such as fine, two months in cell, or sealed of the shop let the sanction be so strick and enforceable that it will bring so high level of fear to the defaulter it else nothing will bring down the price of food or goods in Nigeria if dollars like let it be one naira to a dollar the price of goods remain unchanged if government can't come up with sanction.

Example my personal experience today dollar has falling 1340 to naira but one custards of garri is still sold 2200 except you want to buy Stine filled garri and this product is locally made where dollar is not involved in the production, the signifies that Nigerians are very adamant to what dey do no matter the changes without second thought. That's why nothing change even when dollar come down anything wey don rize no dey come down
sr. member
Activity: 602
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March 28, 2024, 04:58:58 AM
#9
One of the major problems we are facing in our country Naija is the regulation of price should be handled by the police or tax forces to monitor every citizen selling goods, must of the company really take advantage of the current situation of the price because of the dollar rate, even when the dollar is not high some people are selling a particular commodity or goods in different rate, this is because no one is monitoring them, and it really affecting the poor because of the price rate, don’t you think this is really happening? Everyone should know what I’m talking about. If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.

The federal government need to do something about the prices of the goods in the market because we don dey use the dollar price opportunity to frustrate each other in this country. Our governments no fit deny am say they don't know what's going on in the market, they are also buying goods, but seems like say dey pretend as if nothing is going on in this country. If someone never entered the market in a long time, he should try it once. The person will almost cry because same thing that you can buy 5k before have double x3 naija which way are we heading to? You can't enter store and ask for the same thing the price should be same, the same product with different prices.

We go dey shout say government this and that, as we are the one doing ourselves for this country. Before everyone should started shouting that dollar price don rise, we been dey complained about fuel price, everywhere fuel. As dollar price just started to increase we no complain about fuel again na dollar price we hold dey shout about and fuel remain one place oo, while price of goods they increase like bitcoin  Grin. Now fuel per liter for my side don reduced to 570 maybe we fit see some changes.
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March 27, 2024, 06:22:48 PM
#8
Nigeria has always have this problem in the society when it comes to regulating of price in the society.a country like Nigeria should have rise to be able to have a set of body which help to regulate and create a certain price for it  market system

Omo we no get neither the means, structure or infrastructure to fit regulate and monitor prices of goods and services at scale. Traders and business owners know this one that's why them dey exploit consumers for their own personal gain. I remember one time in my locality, one man wey own like 2 of the only 4 filling stations in an  area but due to the fuel scarcity, the other 2 filling stations lacked fuel to sell. What did he do? Lock off one of his stations and inflate the price to a 50% premium above market rate. Market was around N500, he was selling for around N780.

Na that time I just concluded that in life, there is no need to hate the player or hate the game but you should learn how to play it. Nigeria is slowing turning into a PvP economy.
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March 27, 2024, 06:04:15 PM
#7
One of the major problems we are facing in our country Naija is the regulation of price should be handled by the police or tax forces to monitor every citizen selling goods, must of the company really take advantage of the current situation of the price because of the dollar rate, even when the dollar is not high some people are selling a particular commodity or goods in different rate, this is because no one is monitoring them, and it really affecting the poor because of the price rate, don’t you think this is really happening? Everyone should know what I’m talking about. If you go to 4 different stores you will find out that it different prices.
If our government should look into this price of a thing.
Nigeria has always have this problem in the society when it comes to regulating of price in the society.a country like Nigeria should have rise to be able to have a set of body which help to regulate and create a certain price for it  market system
hero member
Activity: 1008
Merit: 702
March 27, 2024, 11:10:03 AM
#6
Why this is happening is because there’s no functional price regulatory policy in the country. I have not even come across any agency or ministry that their main work is to check into the price of goods in the market to regulate them so that sellers don’t sell above the actual price, it is only in the oil sector that such is taking mandatory and they have agencies handling that.

I remember sometime last year I bought a bag of cement in the same market for different prices with a price difference of N1500, it was very painful as I already bought in the first place with an higher price before seeing the shop selling at a lower price. All this is another reason that it is not just the government to be blamed, individuals who are looking to get quick profit are also making things hard for us too.
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March 27, 2024, 06:21:52 AM
#5
Actually the dollar to naira rates still dey volatile even though say e don come down small so the price of good no go fit just reduce, some of this traders still need to monitor the market price upto a month make them for no sell their goods to loss. So I dey blame them yet but when them don go market go buy at a cheaper price come dey sell am give us costly na that time naim we fit say make the government them come in to regulate price. But one funny thing na be say, the government them go dey very quick to shook mouth for price regulation but them no go like admit the fault wey dey come from their side, or even try to solve am. Since tinubu do remove fuel subsidy e observe say the cry from citizens don increase but e no dey do anything to change the issue.
sr. member
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March 27, 2024, 05:57:57 AM
#4
Do you think that if the government regulate the price of goods things will be better off? Prices of goods are basically function is different factors which can't be controlled by the government. You don't expect someone to buy goods at the time price was high and suddenly sell in at a cheaper price because dollar have come down. Those that bought after those period when things were expensive could decide to bring down their price but that's not possible for someone that hasn't made any profit because he bought when the price was high. Business is meant to generate profit and no one goes I to it just to be at loss and that's why it's never a good option for government to regulate prices of goods in the market as it will put marketers in serious loss just so they can prove to have made an impact.
member
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March 27, 2024, 05:42:45 AM
#3
These are an important problem that must be handled, and governments should consider it when developing regulations and guidelines. One solution would be to create a government organization in charge of observing and controlling pricing. The organization might establish maximum pricing for particular products and services, or it might observe price movements to ensure they are acceptable and reasonable. It is also necessary to remember the effect of opposition in the marketplace; enterprises will be unable to charge excessive rates because they risk losing customers to competitors, which can have a significant impact on the cost of living, particularly for those who are currently struggling economically.
 
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