alexa Economic Recession, Inflation, Appropriate Pricing and the Need for Price Control in Nigeria | OMICS International
ISSN: 2375-4389

Journal of Global Economics
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Review Article

Economic Recession, Inflation, Appropriate Pricing and the Need for Price Control in Nigeria

Odion JO*

Department of Business law, University of Benin, Nigeria

*Corresponding Author:
Odion JO
Department of Business Law
University of Benin, Nigeria
Tel: 08037471738
E-mail: [email protected]

Received Date: November 08, 2016; Accepted Date: December 27, 2016; Published Date: January 02, 2017

Citation: Odion JO (2017) Economic Recession, Inflation, Appropriate Pricing and the Need for Price Control in Nigeria. J Glob Econ 4:230. doi: 10.4172/2375-4389.1000230

Copyright: © 2017 Odion JO. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

Abstract

This article examines the current impasse of inflation and extortionate prices of goods and services in the country. This article revealed that although the general impression given by suppliers of goods and services for the monumental increase in their prices is the current economic downturn in the country, this is actually a ruse. It is our contention in this paper that these businessmen have taken advantage of the prevailing situation to engage in product hoarding and extortionate pricing all in a bid to maximize profits and pass the buck to hapless consumers of their goods and services. It is the view of this author that in this extreme scenario, government intervention in the area of fair, reasonable and appropriate pricing of goods and services is imperative.

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