In a decisive move to address the escalating cost of goods and services, the Federal Government of Nigeria has issued a one-month ultimatum to traders and market stakeholders to reduce prices. This directive was announced by the Federal Competition and Consumer Protection Commission (FCCPC) during a stakeholders’ engagement on exploitative pricing held in Abuja on Thursday.
The newly appointed Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, emphasized the urgency of the situation, citing the growing trend of unreasonable pricing of consumer goods and services. He highlighted a striking example where a fruit blender, sold for $89 (approximately ₦140,000) in Texas, USA, was being sold for a staggering ₦944,999 in a supermarket in Victoria Island, Lagos. Bello condemned such practices, stating that they threaten the stability of the economy.
Bello assured that the government is aware of the challenges faced by market stakeholders, including high transportation costs, insecurity, and multiple taxation. However, he urged traders to act in the spirit of patriotism and cooperation, warning that violators could face severe penalties, including substantial fines and imprisonment, under Section 155 of the relevant legislation.
Market stakeholders, including Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders, FCT Chapter, and Emmanuel Odugwu from Kugbo Spare Parts Market, voiced their concerns during the engagement. They pointed out that charges on imported goods at the ports and the high cost of transportation significantly contribute to the hike in prices. Okonkwo appealed to the FCCPC to set up a task force and involve the association in its enforcement efforts.
The FCCPC’s ultimatum is seen as a critical step towards curbing exploitative pricing and ensuring that consumers are not unduly burdened by inflated costs. The commission has given traders until the end of September to comply, after which strict enforcement measures will be implemented.
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