The Federal Competition and Consumer Protection Commission (FCCPC) has given traders and market stakeholders a one-month deadline to reduce the prices of goods.
Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, announced this during a stakeholders’ meeting on exploitative pricing held in Abuja on Thursday. Bello warned that the Commission will begin strict enforcement after the one-month moratorium.
The meeting was organized to address the increasing trend of unreasonable pricing of consumer goods and services, as well as the unethical practices of market associations.
Bello highlighted a concerning example where a fruit blender, sold for $89 (about N140,000) at a Texas supermarket, was being sold for N944,999 at a supermarket in Victoria Island, Lagos.
Bello questioned the justification for such a steep price difference and emphasized that these practices are harming the economy. He warned that under Section 155, individuals or companies found guilty of price fixing face heavy fines and possible imprisonment.
However, Bello noted that the Commission’s current approach is not punitive and urged all stakeholders to act patriotically. He gave traders until the end of September to lower their prices before the FCCPC begins enforcement.
During the meeting, market stakeholders cited factors like high transportation costs, insecurity, multiple taxes, and high port charges as reasons for the continuous price hikes.
Representatives from various market associations also spoke, mentioning challenges such as increased transportation costs, high interest rates, and soaring prices of essential ingredients as contributing factors.
The FCCPC plans to address these issues but expects traders to cooperate in lowering prices to benefit consumers.
