The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month deadline for traders and market stakeholders involved in exploitative pricing to reduce the costs of goods.
This directive was announced by the newly appointed Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, during a stakeholders’ engagement held in Abuja on Thursday, focusing on unreasonable pricing practices.
Bello said that the meeting aimed to tackle the growing issue of inflated consumer goods and services prices, as well as unethical practices by market associations.
He highlighted a stark example where a fruit blender, priced at $89 (N140,000) in a Texas supermarket, was found to be sold for N944,999 in a Victoria Island, Lagos store, raising concerns about the arbitrary price increase.
Bello warned that such practices threaten economic stability, and under Section 155, violators could face severe penalties, including substantial fines and imprisonment if convicted.
While the commission’s current approach is not punitive, Bello urged all stakeholders to cooperate and act patriotically, noting that firm enforcement would commence after the one-month grace period.
The engagement also saw contributions from various market stakeholders, who cited high transportation costs, insecurity, and multiple taxation as major factors driving the continuous increase in goods and services prices.
Representatives from the National Association of Nigerian Traders, Kugbo Spare Parts Market, Flour Mills, and the Master Bakers Association all highlighted specific challenges, such as increased port charges, high transportation costs, steep interest rates, and the rising costs of raw materials, as reasons for the current price hikes.
