Entrepreneurs Blame Hike In Price Of Electrical Gadgets To Fuel Subsidy Removal  

Wisdom Silas

Retailers and wholesalers of electrical gadgets in Abeokuta, Ogun state capital have attributed the hike in the prices of electrical gadgets to the impacts of the removal of fuel subsidy.

Founder of Chibsterz Investment,  wholesaler of electrical gadgets at Panseke Market, Abeokuta, Chibikemu Israel, on Wednesday, lamented that the removal of the subsidy is affecting his business.

He said the customers have not been patronizing his business since the announcement of fuel subsidy removal was made by the federal government.

Isreal complained that prior to the removal of the subsidy, he had been making a lot of sales and profits, but, as soon as the government announced the removal of the subsidy, many customers have stayed away.

He added that the few ones that visited his shops reduced the quantity of the products.

He said, “I transported my goods from Alaba International Market down to Abeokuta, the transportation fee has increased a lot and as business owners we need to make profit, so, we have no choice but, to add to the price of the goods.

” Presently, the goods I sold for lesser price before has increased, like LED chandeliers is now N43,000, COB led panel is now N28,000. Even, fuse and base cut-out is N6,500 which was not up to this before.

“When my customers come and discover the price is not the same as before, some will reduce the quantity of their order and few will change their demands for a lesser price goods”.

Also speaking on the challenges facing the traders of electrical gadgets in the state, a sales representative, Oladimeji Adegbeshin said both hike in dollar and removal of susbsidy led to the increment in the prices of the products.

He said the price of electrical gadgets was increased because most of the products are imported into the country.

He said ” government should do something about the hike in fuel price. It is affecting our business badly. They should not forget that we are still battling with increment in dollar # rate because most of our goods are not made in Nigeria and now hike in fuel price is making the matter worse and we, Nigerians can’t do without electrical gadgets in our buildings and daily living.”

He however, begged the government to resolve all that has to do with fuel subsidy removal and stop the hike in fuel price.

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