Pricing Your Product in the Nigerian Market
Price too high, no one buys. Price too low, you lose money and attract suspicion. Here's the balance.
Step 1: Research the Market
Search your product on SellersDotNG. Note the 10 closest matches. Record their prices.
Step 2: Calculate Your Cost
- Purchase cost (or production cost)
- Logistics / transport
- Packaging
- Platform fees (if any)
- Your time
Cost + 20-30% profit = your minimum price.
Step 3: Compare with Market
| Market Price | Your Price |
|---|---|
| ₦50,000 | ₦45,000 – ₦55,000 |
Step 4: Consider Negotiation
Most Nigerian buyers negotiate. Price 10% above your target so you have room.
Step 5: Update Often
If no sale in 2 weeks, drop price 5-10%. If selling too fast, you priced too low.
Psychological Pricing Works
- ₦9,999 sells better than ₦10,000
- Round numbers (₦50,000) convey quality
- ₦49,999 conveys a bargain