In America, prices fall during holidays and festivities ie Christmas, New Year.
In Nigeria, prices rise during festivities...
Why?
(no its not greed)
In Nigeria, prices rise during festivities...
Why?
(no its not greed)
Economics says when demand is up, prices rise only if supply cannot meet demand
Thus take Turkey, demand goes up in the US in November before Thanksgiving but prices dont rise because the supply of Turkey also increases.
Supply can rise because of supply chain efficiencies
Thus take Turkey, demand goes up in the US in November before Thanksgiving but prices dont rise because the supply of Turkey also increases.
Supply can rise because of supply chain efficiencies
In Nigeria, price of Rice goes up in December as more demand hits market, but supply cannot keep up with demand.
Even imports cannot ameliorate price because of logistics bottlenecks, this demand pressures keep prices up.
Even imports cannot ameliorate price because of logistics bottlenecks, this demand pressures keep prices up.
The problem is the value chain supporting Agriculture in Nigeria.
Harvest are not all processed and stored all year round. Thus bumber harvests simply fizzle out and supply is not timed to demand.
Agriculture is about technology ans science not hard work
Harvest are not all processed and stored all year round. Thus bumber harvests simply fizzle out and supply is not timed to demand.
Agriculture is about technology ans science not hard work
Rice from rain is gone in Dec/Jan but Rice from irrigated fried available much longer.
So to keep tomato pieces same all year round Nigeria need to invest in cold chain storage & post harvest processing. Processed foods can then be stockpiled in major cities in time for Xmas
So to keep tomato pieces same all year round Nigeria need to invest in cold chain storage & post harvest processing. Processed foods can then be stockpiled in major cities in time for Xmas
