By Chiagoziem Abosi
In recent times, Nigeria has faced a sustained increase in goods prices which may be attributed to a combination of factors such as global market dynamics and economic policy.
The depreciation of the Nigerian naira against major foreign currencies, especially the US dollar, has been a significant contributing cause. Due to this depreciation, the cost of importing necessities like food, gasoline, and raw materials has gone up, which has raised consumer retail prices.
The price of goods changes every day
In a meeting with the Iyaloja (market leader) of Onigbogbon Kingdom located at Maryland, Lagos, Alhaja Fastira Yusuf shared her thoughts on the increase in the prices of goods in the market.
“The traders are not the ones who determine these prices, but the prices they meet in the market is what determines how much they sell and how much profit they make.”
“The price of goods bought yesterday is not the same as the price of goods bought today,” she exclaimed.
Let’s not cheat our customers with huge prices
Alhaja Fastira Yusuf advised her traders to increase their prices with small profit margins to ensure they make profits from their sales. “Let’s not cheat our customers.”
She encouraged them to add even a little extra, like ₦100 or ₦200, to the cost price of goods to account for the rising prices.
“The little ₦100 or ₦200 extra profit added to the cost price of goods will amount to something substantial with the blessings of God and can be used to build mansions,” she said.
We need more help from the government
The market officials hold meetings every Friday to help navigate the prices the traders use, ensuring everyone is profiting despite the hard and perilous times.
As the head of the market, Alhaja Fastira Yusuf and her officials try their best to empower the traders.
However, she pleaded for more incentives from the government to help them cope with the rising prices of goods. They hope that the Lagos State Government will listen to their cries and come to their aid.
