What can be the cause of the hike?
The fall of Naira to dollar?.. the Naira exchange value has been so poor compared to other hard currencies. And most of the products here are being imported and has to be cleared from the port with so many settlement acoust to it before it gets to the destination, which is making the importation business a big man's game. Leaving the business in the hands of few can make them set the price how they want.
A mono economy
Nigeria is among the 5 OPEC countries. Yet the countries economic system keeps declining everyday because they base solely on oil which has suffered a major hit in the past few years due to insecurity that led to rising crude oil theft, poor and ageing infrastructure which makes it easier for criminals to gain access into the pipeline.
And this has led to many companies leaving cause they can't meet up with cost of production. According to Thisday, some of the companies narrated their losses as some said when they pumped into the pipeline, they only get 20 percent of what they pumped in through the pipeline and loss the rest to pipeline breaches and organise theft.
Another major hit is excess debts which our government had incurred from China and IMF. Leaving almost nothing in our foreign reserves with the country's treasury being looted by the few in power. Making the rich richer and the poor poorer.
What can be done
Nigeria is the most populated country in Africa and among the top 5 in the world giving them the advantage to thrive in the business world. In 2021 alone the Nigerian fintech company generated over $400 million. Nigeria also toppled in rice production after placing ban on the importation of rice and this has also led the agricultural industry to thrive but more needs to be done.
How I'm coping with the market
The market is so volatile and can't be predicted. So it's likely the price of goods and services increases everyday with no hope of coming down. If you ever have a list just make out your scale of preference and get it first. If you still have a balance left in your budget then you can get the others. Also it's more advisable to price well and get what you want at the moment cause there's every tendency that the price will increase and you might be pleading to get it at the last price you were told the last time you visited the market but that opportunity is gone.
I don't see us getting through this anytime soon as the leaders are not making any positive move against it, rather they're more interested in their personal pocket thereby looting the country to more debt.
