Balancing profit and fairness: The role of Government in Price Control
We are fond of putting the blames of the bad economy and inflation on the government, whereas the activities of the citizens are even more worse than what the government is doing.
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The recent dispute between two nigerian celebrities VDM an activist and Blord a businessman opened my eyes to so many things going wrong in the country.
It was exposed to the public how Blord was putting too much price on the product he sells, imagine selling a phone worth 220k after the shipment fee and all for 480k which is more than 50% gain! and then I found some nigerians in the comment section of post related to the topic saying it is an open market and he is free to put any price he desire on his product, like for real??????????
These same people are the one complaining about inflation and how the price of goods skyrocket and yet they are still the one defending one of the cause of such things, we keep saying our currency is losing value. Still, it is the act and greed of people like Blord that made it so cos if they keep over pricing their product, the product price will only continue to skyrocket making it impossible for people who earn less to be able to afford it.
Business owner should not be allowed to set their price on products because this will only make the economy crumble and citizens will suffer, there should be a price regulations to everything so that some business won't take advantage of others.
Infact I believe there should be a price range for everything to remove that thought of being cheated, Imagine buying a product for 4m and someone else bought the same product in another place for 2m, how painful can it be but this is exactly what we are facing in my country.
The price of good varies on different factors, if you dress well to where you are buying some goods, it is a problem, you drive a car or look rich, big problem because you will be shock with the price they will call.
The Government intervention is needed in this area, things like car should be affordable for average people too and not just the wealthy... A friend of mine just bought a car for an amount less than 12 million naira because she ordered it from another country, but if she were to buy the same car in Nigeria, she would spend nothing less than 24million! why are people trying to make double profit on product and when such people also face the same crisis in other place, they blame the government.
Everything is not the government, the citizens also needs to do better.
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I'm with you on this. There should be a regulation to every goods. Thank you for sharing
The truth is that the price controlling mechanism in the country isn't working. If they were active, most of the exorbitant prices of goods and services would have been curtailed. Just as you've rightly said, the citizens are also responsible for the deterioration of the country
It is the citizens ruining the economy not government. The government have a part to play in it too though
I agree with you, we the people need to do better. We always blame government for one or the other, how about what our greed makes us do. Thanks for sharing
Greed is the beginning of the economy crumbling.
It truly is.
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I totally agree with all what you said, there must be regulation to every goods. Why adding money to the actual price that's total greedy, some people don't care whether some people can afford it or not. If we're not careful in this our country people will start buying what they want to but in another country and it will now bec6a big slap to our face especially to our government.
It is not possible for everyone to buy from another country cos of the shipping fee and custom but those who have what it takes should not use that as an opportunity to take advantage of other citizens.
I can relate to it as I have seen many situation like that. Actually, we are the one who are ready to buy products in unreasonable price just because of hype.
We don't have choice when it comes to certain product.
The citizens should indeed know better that the problem is with them too. I think some of these businessmen are only out for their own pocket in a very greedy way and if government doesn't step in, there would be a big disconnect between the value of a product and its selling price in the market. I definitely don't like it when I purchase something for 3000 only to then find out it's half the price at somewhere else, feel robbed.
The government doesn't have time for this cos they are also busy embezzling funds in another sector
Very true unfortunately. This could actually be one of the reasons why the businesses are doing such. Why wouldn't they when the government is doing the same thing more or less on a bigger scale? What a rotten system we live in.
If you dress well and go to market , they will regulate the price instantly on your head 🤣🤣🤣🤣
I am laughing hard here 🤣🤣🤣
lol this is why when I am going out to get somethings, I try to dress like the homeless lol
🤣🤣🤣🤣🤣🤣
My belly ooo 🤣🤣🤣🤣
Great post! As an anecdote, I worked in a bookstore and price to sell was a 300% of the real cost.
Just imagine! Why such huge margin in the price purchase and profit.
It's mad! But the free market allow that practices 😡
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we are the cause of what's doing us in terms of price. we are the ones inflating them instead of making them affordable.