With the way prices of things in Nigeria keep going higher and higher by the minute, it must be terrifying for any business owner like yourself to stock up.
Pele dear, my heart feels for you too💀
Even as a consumer myself, there are certain things that I used to buy before that I can't anymore—because it's now for only rich people. Omo, it's affecting everyone Oh; We spoke to 6 business owners and how they manage their stock their inventory in this price hike season and trust me, they had a lot to say.
"It is hard to continue buying to stock up abeg; I can't even stock up on pure water anymore. Because a batch used to be #1100 for 11 bags, and now it's #2000!"
Olabisi, Roadside Kiosk. Yaba
I cannot stock up my shop like I used to, unlike before when I could buy 3 months' worth of stock at a go without any wahala. Now, them no born me well. Even though I still try to hoard some more goods, every time I go to the market, it's a new price you would hear.
"I'm not comfortable selling plantains and eggs anymore! One crate is now #1900 from #800".
Boma, Food and drinks seller. Yaba
My profit is not increasing, prices are going higher, and someone somewhere still expects me to sell at the same price? So it's not fair even to myself to cut down prices. But I have to make money somehow.
" I can't buy foreign goods to stock anymore—the price hike showed me pepper, ordinary indomie pack that was #1600, I now buy it at #2200 to sell at #2400! Where's my profit?!".
Florence, Supermarket Owner. Isolo
Last year, in my supermarket—I could still stock up on some foreign goods like Almond milk, imported juices and whatnot because the prices were still reasonably stable. Now, I can't indulge in such things. What is almond milk now? The best I could buy now is coconut milk for customers that still have an expensive taste. Mtsheww!!
"A carton of turkey used to be #13,000 in 2019, but come 2022–a carton of turkey cost over #30,000. What?!"
Tayo, food seller. Yaba
I have had to make price adjustments to my menu because I realized that it was the only way to run my business and still not lose money. It might not pay some customers, but you know we all have to make money too!
"A small basket of tomatoes from the farm used to cost me about #1000 at most, but now it's going as high as #2000, kilode?!"
Pepper seller, Mushin
Many customers come to buy, and they assume that we are trying to scam them. But genuinely, we are not; everyone in a food market cannot come to a consensus to sell at the same price? It's how we buy it that we have to sell it to you. Even excluding the fact that these tomatoes have to be kept fresh for you! (Translated from Yoruba).
"I used to sell 5alive last year for #300 per bottle, all of a sudden gbam! The prices have skyrocketed, and I now have to sell it for #600 to make the same profit I made last year selling it".
Chidinma, Drink Wholesaler Isolo.
If you see my shop before, I used to stock a variety of drinks to sell for a long time. It was a way to prepare for any unnecessary price increments—but with the way things are increasing by the minute, and the value of money is dropping? I wonder how we'll survive next year.
What have you stopped selling in business? We want to know in the comment section.
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