The rate at which the prices of electronic products have skyrocketed is alarming, ranging from fans to plasma television, refrigerators and a host of others.
The bad economy has reduced the purchasing power of both buyers and sellers. The ugly situation has led to a drastic reduction in patronage and profit. Products such as television (32 inches) which was N50,000, now costs N105,000; DVD player which was N4,000 now costs N7,000. These have led consumers to demand more of tokunbo products than brand new ones. However, the prices of tokunbo products have escalated as well.
ENCOMIUM Weekly’s investigations revealed the opinions of the sellers and how they cope with the situation.
THOMPSON (Non Ferous Enterprise)
There has been a change as prices of products skyrocketed. Before, the prices of goods were affordable which attracted patronage. I have been unable to purchase products from the market to sell due to low patronage. There has, however, been an increase in the demand of tokunbo products.
JOHN (Chikeson Trading Company)
There has been a slow movement in sales. Sometimes, I will not sell anything throughout the day which has made feeding difficult. I have to rely on sales of lubricants for feeding and miscellaneous expenses. Also, people now demand tokunbo products, though we only sell new ones.
ANONYMOUS (EVC Ventures)
The economy is very bad as prices of goods have become unbearable. The devaluation of naira to dollar has made prices high. The price of a DVD player that was N4,000 is now N7,000. The current administration has become all sizzle and no steak as they are very disappointing.
We plead with them for a change that will favour the masses.
BARTHELOMEW (D Barth Investment Company)
This year has been a hard one as prices of products have become abnormal. The prices of goods have doubled. For example, the price of a new television (32 inches) was N50,000 but now it costs N105,000. People now request for tokunbo products with the belief that it would be cheaper.
The price of tokunbo products has become high too. The price of tokunbo 32 inches television is now N70.000. People now purchase tokunbo products because they need it not because they want it. It has been the grace of God and my experience that I have been able to sustain this business. I believe Nigeria will be better and things will become normal, though I don’t know the time or how it would happen.
JEGWORITY (Inland Electronics)
There has been scarcity of money which has affected patronage drastically. The current administration’s performance is below expectation because of their ,bad policies and programmes.
The prices of goods and patronage is very bad. But consumers are trying according to their purchasing power. My sustenance has been by the grace of God.
UCHENNA (ThankGod Enterprise)
It has affected us a lot. As a matter of fact, things you could buy with N50,000, you can’t buy them now for N100,000. Another instance is a LCD television (14 inches) which was N15,000, now costs N25,000. Microphone that was N2,500 is now N5,500 or N6,000. I stopped selling tokunbo products because it costs higher than the new ones.
EMMANUEL (Akabest Electrical)
People do not patronize us like before, prices have skyrocketed. We are unable to purchase goods like before. Tokunbo products are now more demanded.
CHIBEST (Libros Ventures)
Things have seriously changed. We do not get patronized like before. Though, I sell both tokunbo and brand new products, people demand more of tokunbo products.
-SAMUEL OMOBOLA and OLADOYINBO DANIEL