Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

Woes of Capitalism: Sub Standardization

Benita OrumabyBenita Oruma
April 29, 2024
in Business & Finance
0
Woes of Capitalism: Sub Standardization
Share on FacebookShare on TwitterShare on Whatsapp

Among Nigerians, there is a popular notion that “you can sell anything in Nigeria, all you need is good packaging and nice advertisement. Nigerians will buy”. This perception serves as both an advantage and a disadvantage for businesses operating in Nigeria. On one hand, it implies a ready market for products, providing opportunities for businesses to thrive. However, it also suggests a susceptibility among Nigerians to be swayed by superficial aspects like packaging and advertising, highlighting a potential vulnerability in consumer behavior.

Sadly, this susceptibility has been exploited by some foreign companies, turning Nigeria into a dumping ground for substandard goods. These companies capitalize on the perception that Nigerian consumers are easily influenced by appearances, prioritizing profit over product quality and consumer safety.

The porosity of the Nigerian Market System, with an influx of goods entering with minimal scrutiny or oversight, compounds the situation. Unfortunately, many Nigerians purchase these goods without much consideration for their potential adverse effects on health and well-being.

This phenomenon of a porous market can be attributed largely to the type of economy Nigeria runs, although it is sometimes difficult to distinguish whether Nigeria runs a mixed economy or a capitalist economy, we are well aware of the dominance of capitalism in Nigeria.

This system empowers private companies to dictate prices, oversee production, and manage distribution of goods in accordance with market dynamics like demand and supply. Consequently, companies have the freedom to manufacture goods according to their own standards and introduce them to the market. A major loophole that is now being exploited by foreign companies to sell goods that would not meet the standards of their own markets in the Nigerian market.

Nigeria is not new to the issue of Sub-Standardization. This trend is prevalent in the Nigerian market, with varying degrees of severity. While some instances may be more critical than others, the overall impact remains significant. Many products sold in Nigeria that are subsidiary of a parent company abroad falls short of the quality standards observed in their home countries or other regions like Europe and Asia where their brands are present.

It is common knowledge that carbonated drinks, particularly Coca-Cola and Pepsi sold in Nigeria are very much different in taste from those sold in Europe and Asia under the same brand. Compared to the ones produced outside Nigeria, the ones produced in Nigeria are tasteless.

Besides drinks, phones and cars shipped to Nigeria are significantly below the standard sold abroad. Cosmetics, skincare products and even packaged foods like cereals and chocolates also fall under the same category of Sub-Standardization.

All these indications point to the fact that government agencies responsible for safeguarding and cross-checking products in the Nigerian market to ensure they meet standards are less effective in their operations.

Although, NAFDAC denies the availability of the scrutinized Nestlé infant food in the Nigerian market. It does not excuse them from liability for other substandard products. It also raises the question of the benchmark these agencies use in their regulation and control exercises in Nigeria.

Is there a regulation as to the limits producers can go during production process? And to what extent can the safety of Nigerians be assured when it comes to purchasing products from the market?

The uncautioned increase of substandard goods in the Nigerian market poses significant risks to consumers and undermines the country’s economic development. While government agencies like NAFDAC play a vital role in regulating product quality, there is a pressing need for enhanced enforcement and accountability measures.

Additionally, addressing the root causes of sub standardization, including lax oversight and the dominance of capitalism, is essential for creating a marketplace that prioritizes consumer safety and fosters sustainable economic growth. By implementing stricter regulations, improving oversight mechanisms, and promoting ethical business practices, Nigeria can work towards eliminating substandard goods and building a safer, more reliable marketplace for its citizens.

Tags: BusinessCapitalismConsumersfederal charactermarketSub standardWoes of Capitalism: Sub Standardization
Benita Oruma

Benita Oruma

Benita Oruma is a lawyer in training, a 400 level student in the university of Ibadan. She is a content writer with interest in corporate affairs and the marketplace.

Related Posts

Three Ships Hit by Projectiles in Strait of Hormuz as Iran Intensifies Attacks
Business & Finance

Three Ships Hit by Projectiles in Strait of Hormuz as Iran Intensifies Attacks

March 11, 2026
Stocks Surge, Oil Dives as Trump Declares Iran War 'Will End Very Soon'
Business & Finance

Stocks Surge, Oil Dives as Trump Declares Iran War ‘Will End Very Soon’

March 10, 2026
Treasury Faces $2 Trillion Deficit After Supreme Court Scraps Trump Tariffs
Business & Finance

Treasury Faces $2 Trillion Deficit After Supreme Court Scraps Trump Tariffs

March 8, 2026
Next Post
CBN Restricts New Customer Onboarding In These Four Fintech Banks

CBN Restricts New Customer Onboarding In These Four Fintech Banks

Lewandowski Hat-Trick Rescues Barcelona in Thrilling Comeback Victory Over Valencia

Lewandowski Hat-Trick Rescues Barcelona in Thrilling Comeback Victory Over Valencia

Chiamaka Nnadozie Makes History as First African to Win French D1 Arkema Goalkeeper Award

Chiamaka Nnadozie Makes History as First African to Win French D1 Arkema Goalkeeper Award

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Atiku Clinches PDP Presidential Ticket Yet Again

Atiku Clinches PDP Presidential Ticket Yet Again

4 years ago
Massive 7.5 Earthquake Strikes Russia's Far East, Triggers Pacific-Wide Tsunami Alerts

Australian Government Extends Social Media Ban to YouTube for Underage Users

7 months ago
Pope’s Historic Visit to Mongolia Amid Strained Vatican Relations with Russia and China

Pope’s Historic Visit to Mongolia Amid Strained Vatican Relations with Russia and China

3 years ago
Peru Calls Transgender Identities ‘Mentally Ill’ in New Decree

Peru Calls Transgender Identities ‘Mentally Ill’ in New Decree

2 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance Football Foreign News government health iran Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump UK ukraine US
No Result
View All Result

Highlights

BBL Debate Intensifies As Nkechi Blessing, Uche Ogbodo React To Elena Jessica’s Death

Italian PM Condemns Deadly Missile Strike On Iranian School

FG Begins Evacuation Of Nigerians From Iran Amid Rising Tensions

UK Police Ban Pro-Iran March as Iran War Stirs London Tensions

Three Ships Hit by Projectiles in Strait of Hormuz as Iran Intensifies Attacks

Drones Strike Near Dubai Airport as Iran War Enters Second Week

Trending

How Grammy Night Heartbreak Inspired My Music – Omah Lay
Entertainment

How Grammy Night Heartbreak Inspired My Music – Omah Lay

byAyobami Owolabi
March 12, 2026
0

Omah Lay has shared details about a recent heartbreak, revealing that the relationship lasted just two months...

Traders Shut Down Lagos Trade Fair Complex Over Planned Government Takeover

Traders Shut Down Lagos Trade Fair Complex Over Planned Government Takeover

March 11, 2026
Trump Told Iranians to Rise Up. But What Happens If They Do—and America Walks Away?

Trump Told Iranians to Rise Up. But What Happens If They Do—and America Walks Away?

March 11, 2026
BBL Debate Intensifies As Nkechi Blessing, Uche Ogbodo React To Elena Jessica’s Death

BBL Debate Intensifies As Nkechi Blessing, Uche Ogbodo React To Elena Jessica’s Death

March 11, 2026
Italian PM Condemns Deadly Missile Strike On Iranian School

Italian PM Condemns Deadly Missile Strike On Iranian School

March 11, 2026

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • How Grammy Night Heartbreak Inspired My Music – Omah Lay
  • Traders Shut Down Lagos Trade Fair Complex Over Planned Government Takeover
  • Trump Told Iranians to Rise Up. But What Happens If They Do—and America Walks Away?

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com