6 Facts You Must Know About Auction Sales in Nigeria

6 Facts You Must Know About Auction Sales in Nigeria

As we all know, auction sale involves sale of products and goods via a public exhibition for the general public, and the highest bidder takes the goods home. Nigeria being a developing country, faces several challenges, the major one being a struggling economy. This challenge can be a boon for auctions in Nigeria or can also turn out to be a disadvantage. Let us understand the facts one must know before auctioning in Nigeria, which can be either a benefit or challenge.

1. Short Selling Time

Nigerian auction sale can be boon to both buyers and sellers as it can be done in a very short period of time. For an auction, several buyers are available at a place as the advertisements are done through various channels to interest the buyers. However, traditional selling takes a long time to find the right buyer as only few interested buyers are present at the point of sale.

2. Unsuccessful Publicity

Nigerian auctions are usually not publicized through proper advertisements so that the interested buyers can bid their prices. This can lead to few buyers available at the location biding the prices that can only be ridiculed.

3. Privatization of Government Industries

Privatization of government industries in Nigeria can be an advantage to Nigerian economy due to its epileptic economy. This can be because it lifts government’s burden and they can secure highest price which can be channeled to other industries. This way they can boost they economy and provide better life to Nigerian population.

4. Products Can be Sold as they are

In auction sale, products can be sold in the conditions they are available in without any repairs to be performed. This can be an advantage to the sellers there is no need for warranty and also for sellers as they are bought at half of the selling price.

5. Lack of Knowledge about Technology and Internet

Nowadays, majority of the auction are carried on auctioneer’s or company’s website which require online transactions. Nigerian population is not tech-savvy and might not understand the process. This can be serious challenge to auctions in Nigeria.

6. Healthy Competition

Auction sales are conducted on level ground without any preference to gender, race, or status. This provides a healthy competition among the bidders where anyone with highest good wins the bid.