Apparently! In Nigeria, there is a particular way that the economy of this country is designed. The price of buying and selling of goods and services are solely and largely determine by the pump price of fuel(motor spirit). So there's no need shying away from the fact that, most day to day activities of our economy relies on this fuel.
Nigeria is one of the leading countries in Africa that produce fuel and also with the abundance of supplying the neighboring countries such as Benin republic, Niger and Cameron. Recently, there is a development from the new President of Nigeria over the removal of subsidy on fuel pump price. Ever since this new development began, there has been increase in prices of goods and services.
As if I saw it coming, I was able to stockpiled feeds for this batch of birds, not knowing that the price would increase further. In lieu to balance, a lot of tactics has been reviewed by the presidency to balance the book on fuel subsidy with the minimum wages set to be readjusted with the salaries of most government workers probably set to increased.
HOW FARMERS COULD COPE WITH THE HIKE IN PRICE OF FUEL PUMP PRICE.
One of the ways farmers could cope with increase in price of goods and services is by stockpiling. Stockpiling helps you to buy in bulk appreciating the fact that it helps cut down expenses in case there's any future occurrence of increase in price of fuel.
Another way to balance the book is by Farmers to increase the price of how we sell live or dressed chicken per kilo. Presently, we sell at N1,600 per kilo, it's safe if we can increase price to N1,750 or N1,800.
It's not about taking advantage of the market price but it's about what the market price entails. The tone it brings which we all have to dance to.
Please note that, this isn't a cryptocurrency, financial or businessadvice,it's just an opinion. If you need a cryptocurrency, financial or business advice, consult a cryptocurrency or financial experts. Thank you.
