The Federal government through the Federal Competition and Consumer Protection Commission (FCCPC), has issued a one-month grace period to traders and other market stakeholders across the country to crash the prices of foodstuffs and other goods.
The newly appointed Executive Vice Chairman of the FCCPC, Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday, August 29, in Abuja.
Bello highlighted the growing trend of unreasonable price increases on consumer goods and services, as well as concerning fraudulent practices within market associations.
He provided an example of a fruit blender brand, Ninja, which was being sold for $89 (around ₦140,000) at a popular Texas supermarket, yet was priced at an exorbitant ₦944,999 in a Lagos supermarket.
While questioning the rationale behind such a drastic price hike, Bello warned that such practices, including price-fixing, pose a threat to economic stability.
“Under Section 155, offenders—whether individuals or corporate entities—could face significant penalties, including hefty fines and imprisonment if convicted,” Bello noted. “However, our approach today is not punitive. We urge all stakeholders to adopt a spirit of patriotism and cooperation.”
He announced that the government would closely monitor the market for compliance, with enforcement actions set to begin after September.
He acknowledged that the government was aware of the challenges faced by market participants but urged them to avoid unfair practices.
“We’ve listened to your concerns, and while the government recognizes the genuine issues, it is imperative that we also address the exploitation of consumers,” Bello stated.
Meanwhile, some of the representatives from various market associations who attended the engagement, cited factors such as high transportation costs, insecurity, and multiple taxation as key contributors to the continuous rise in prices.
