Prices of commodities are supposed to be witnessing a slight if not significant change in prices owing to the fact that there is reduction in the price of diesel. We the general populace are very keen to feel the development.
In the face of economic challenges and the rising cost of living, there is an urgent need for wholesale distributors to take proactive measures in reducing the prices of commodities across the country.
Another bottleneck is the foreign exchange rates; Bureau De Change (BDC) operators are now buying dollars at N980/$ at the open market and selling at N1,020/$.
This clearly shows that the naira has appreciated faster than expected against the United States Dollar.
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It’s the first time in the last 15 years that the exchange rate for the dollar in the parallel market is less than that at the official window.
This is yet another development because marketers once there is depreciation on the naira, they will suddenly increase the prices of the commodities.
The burden of inflated prices falls heavily on the masses, impacting their purchasing power, and hindering their ability to afford essential goods for their well-being as a citizenry.
This calls for wholesalers and marketers to reduce the price of commodities not only as a matter of economic necessity but also as a moral imperative to ensure the sustainability of the populace.
This economic strain perpetuates a cycle of vulnerability and exacerbates poverty.
Wholesale distributors play a pivotal role in determining the affordability of goods nationwide. By lowering wholesale prices, these entities can alleviate financial burdens on consumers and stimulate economic activity.
Such a move demonstrates corporate social responsibility and fosters goodwill within the community. It also contributes to long-term sustainability by promoting consumer loyalty and trust in the brand.
Therefore, there is an urgent need for price reduction.
Government agencies such as the consumer protection agency, the public complaint commission and the federal competition and consumer protection commission saddled with the responsibility for intervention and regulatory measures can complement efforts to reduce the increase in prices of commodities in Nigeria.
Additionally, tax incentives or subsidies may encourage wholesalers to pass on cost savings to consumers without compromising their bottom line.
Conclusively, the urgent call for price reduction resonates as a moral imperative and economic necessity. It represents a collective effort to alleviate the burden of inflated prices on consumers, stimulate economic activity, and promote social equity.
Khadija Saleh Ahmad wrote from the Department of Mass Communication, Abubakar Tatari Ali Polytechnic, Bauchi