The Federal Government of Nigeria, through the Federal Competition and Consumer Protection Commission (FCCPC), has issued a one-month notice to traders and market stakeholders to reduce exploitative pricing of goods.
This directive was announced by the FCCPC’s Executive Vice-Chairman, Tunji Bello, during a stakeholders’ engagement on Thursday in Abuja.
The commission plans to commence enforcement after the notice period ends. Bello highlighted the growing trend of unreasonable pricing and unwholesome practices, such as price-fixing by market associations.
He stated that extensive market surveys revealed disturbing findings, particularly in the disproportionate pricing of imported goods and inflated prices for locally produced items.
The FCCPC emphasized that while the exchange rate has impacted production costs, some pricing practices are unreasonable and exploit consumers. With Nigeria’s inflation rate recently pegged at 33.40% and food inflation over 40%, the situation has worsened since the removal of fuel subsidies on May 29, 2023.
Bello warned that price gouging and price fixing are illegal under the FCCPA, and the FCCPC is prepared to enforce the law against defaulters if necessary.
However, he encouraged dialogue and collaboration as key tools in promoting a fair marketplace.
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